Saudi Aramco briefly became the world’s most valuable publicly traded company in September 2020.
The Saudi Arabian oil company overtook Apple for a short period as changes in share prices and the energy market altered the ranking. Saudi Aramco had entered public markets in December 2019, in what was then the largest initial public offering in history.
The company’s enormous valuation reflects its vast oil reserves, production capacity, and central role in Saudi Arabia’s economy. Its shares are listed on the Saudi Exchange, commonly known as Tadawul.
The ranking did not remain permanent. Technology companies regained the top position as their share prices rose and oil-market conditions changed. Market-cap rankings are therefore snapshots rather than permanent titles.