Apple is no longer the largest company in the world: it gives its position to an oil company

the oil group Saudi Aramco dethroned Manzana from the top of the ranking of stock market capitalizations in the world, due to the skyrocketing of crude oil prices and the fall of technological values.

Saudi Aramco, the national hydrocarbons company Saudi Arabiareached 2.43 trillion dollars in value, according to figures from Bloombergsurpassing the iPhone maker which fell to 2.371 billion.

Technological companies have been suffering in the stock market due to the rise in rates in the United States.

The shares of the Saudi firm, which has been listed on the Riyadh stock exchange since the end of 2019, closed at 45.50 rials, down 0.98% on the day, but up 27% since the beginning of the year thanks to the rise in oil prices favoring energy companies.

technological fall

In January, in the midst of a bullish cycle on Wall Street, Manzana It was the first company to exceed 3 billion dollars in market capitalization.

Since then the Nasdaq tech index has lost more than 25%. (AFP)

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