Speed Reads

commander-in-tweets

Trump pushes Saudi state oil company to list on the New York Stock Exchange

President Trump posted on Twitter Saturday — morning in the United States, evening in Japan, where Trump is beginning his Asia tour — to push Saudi Arabia's state-run oil company, Aramco, to make its initial public offering (IPO) of stock at the New York Stock Exchange:

The tweet came shortly after another post boasting of the American stock market's strength.

Aramco, which The Economist reports is "almost certainly the world's most valuable company," is expected to list 5 percent of its shares in 2018. Riyadh has yet to indicate whether the state-owned corporation will make an international offering or limit the stocks to domestic Saudi markets.

Trump has courted a closer relationship between Washington and Saudi Arabia since taking office, signing the largest arms deal in American history with Riyadh in May.