Oil giant Saudi Aramco has once again become the world’s most valuable company, surpassing Apple after a recent slump in the US stock market. Earlier this summer, US tech giant Apple not only managed to recover from a pandemic but also showed impressive financial results in the third quarter. Following the release of a strong revenue report, Apple’s shares jumped by more than 10% in one session, ending the day with a record market capitalization exceeding $2 trillion. As a result, Apple ranked first among the world's most valuable companies. However, the company failed to stay on top for too long. A rapid rise was followed by a steep decline as the shares of the iPhone maker plunged by 6.05% to $113.5 per share, and the company’s market value dropped to $1.9 trillion. Saudi Aramco, on the other hand, regained its top spot from Apple and hit $2.1 trillion, or 7.9 trillion riyals, market cap. The world’s largest oil producer started trading on the Saudi Tadawul stock exchange last December after launching the biggest initial public offering (IPO) in history. Currently, 5% of the company’s shares are free float.
