Saudi Aramco becomes world's most valuable company

The market capitalization of Saudi Arabian oil company Saudi Aramco has surpassed that of the US corporation Apple, making Saudi Aramco the most valuable company on the planet.

According to TASS, this is reported by Bloomberg.

According to him, the market capitalization of the national oil company was 2.43 trillion US dollars, and Apple - 2.41 trillion US dollars. At the start of the year, Apple became the first company in history to surpass $3 trillion in capitalization, but that figure has since dropped significantly.

Weakness in tech stocks (including Apple) in 2022 came amid fears of inflation and more aggressive US Federal Reserve policy, according to Bloomberg. Supply chain restrictions also played an important role, the agency emphasizes.