Apple Shares Reach New All-Time High, But Saudi Aramco to Overtake as World's Most Valuable Company
Apple shares crossed the $269 mark in intraday trading today, setting a new all-time high for the company.
However, oil giant Saudi Aramco is set to overtake Apple as the world's most valuable company based on market cap after raising $25.6 billion in the world's biggest initial public offering ever, according to Reuters. The shares are expected to begin trading on the Saudi stock market on December 11.
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Saudi Aramco only offered a 1.5 percent stake in the company to public shareholders, so the $25.6 billion raised gives it an overall valuation of around $1.7 trillion, topping Apple's market cap of around $1.1 trillion.
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