Apple briefly became the most valuable company in the world, overtaking Saudi oil giant

July 31, the American technology giant Apple briefly became the most valuable company in the world, ahead of the state oil company of Saudi Arabia Saudi Aramco, writes Reuters.

During Friday the price of Apple shares rose to $412,22, resulting in a market capitalization California-based company totaled $1,762 billion. In turn, Saudi Aramco, which was the most expensive company in the world since the IPO last year, cost $1,760 trillion.

Later, Apple shares fell to $408,78 apiece and capitalization of the company dropped to $1,748 trillion.

Saudi Aramco held an IPO in December 2019. During the first day of trading market capitalization of the oil giant reached a record $1.88 billion, and in the days that followed briefly exceeded $2 trillion.

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