Saudi Aramco became the world’s most valuable publicly traded company in 2022 after passing Apple.
Saudi Aramco overtook Apple in May 2022 as higher oil prices lifted energy shares and pressured some technology stocks. The company is Saudi Arabia’s state-controlled oil producer and one of the world’s largest integrated energy companies.
Saudi Aramco listed a portion of its shares on the Saudi Exchange in 2019. Its initial public offering was one of the largest in history, although the government retained overwhelming control of the company.
The ranking later shifted again as market conditions changed. Oil prices, interest rates, earnings expectations, and investor appetite all affect market capitalization, so leadership can change without a company issuing new shares.