Aramco twice as valuable as Amazon after IPO

Wednesday, 11. December 2019 13:01

Saudi Arabia's oil company Saudi Aramco has overtaken American tech giants Amazon, Apple, Facebook, Alphabet and Microsoft as the most valuable company in the world following its long-awaited debut on the Tadawul Stock Exchange.

Valued at $1.88 trillion, Aramco is $700 billion ahead of Apple, and nearly twice the size of Amazon, currently valued at $862 billion.

Officially called the Saudi Arabian Oil Company, shares of Aramco jumped 10% in the first moments of trading in Riyadh earlier today.

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Breaking the News / JC