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.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
The best new music of 2024 by genreThe Week Recommends Outstanding albums, from pop to electro and classical
-
Nine best TV shows of 2024 to binge this ChristmasThe Week Recommends From Baby Reindeer and Slow Horses to Rivals and Shogun, here are the critics' favourites
-
Crossword: December 28, 2024The Week's daily crossword puzzle
-
Judges block $25B Kroger-Albertsons mergerSpeed Read The proposed merger between the supermarket giants was stalled when judges overseeing two separate cases blocked the deal
-
Rupert Murdoch loses 'Succession' court battleSpeed Read Murdoch wanted to give full control of his empire to son Lachlan, ensuring Fox News' right-wing editorial slant
-
Bitcoin surges above $100k in post-election rallySpeed Read Investors are betting that the incoming Trump administration will embrace crypto
-
Enron mystery: 'sick joke' or serious revival?Speed Read 23 years after its bankruptcy filing, the Texas energy firm has announced its resurrection
-
US charges Indian tycoon with bribery, fraudSpeed Read Indian billionaire Gautam Adani has been indicted by US prosecutors for his role in a $265 million scheme to secure solar energy deals
-
Boeing machinists approve contract, end strikeSpeed Read The company's largest union approved the new contract offer, ending a seven-week strike
-
US economy still strong in final preelection reportSpeed Read It grew at a solid 2.8% annual rate from July through September
-
Boeing machinists reject deal, continue strikeSpeed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
