Saudi Aramco briefly hits $2 trillion valuation
Saudi Aramco shares gained further on their second day of trading Thursday, briefly pushing Saudi Arabia's state-owned oil company to an unprecedented $2 trillion valuation before the stock eased back slightly, CNBC reports. The shares jumped by 10 percent in their first day of trading. The $2 trillion milestone, nearly $1 trillion higher than the value of the world's next biggest companies Microsoft and Apple, was the target Saudi leader Crown Prince Mohammed bin Salman initially sought in the initial public offering of Saudi Aramco stock in his push to diversify the oil-rich kingdom's economy, Reuters reports. The Saudi Aramco IPO was the biggest ever, raising $25.6 billion to beat the $25 billion raised by Chinese online retail giant Alibaba in 2014.
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