Tim Cook and Mohammad bin Salman
  • Apple just got dethroned as the world's largest public company.
  • Apple was valued at $1.2 trillion (R17 trillion) after Tuesday's close. On Wednesday it got overtaken by Aramco.
  • Aramco surged 10% on its opening day, and is now worth just shy of $1.9 trillion (R28 trillion).
  • Aramco's valuation also is worth more than BP, Royal Dutch Shell, Exxon Mobil, and Chevron combined.
  • If Aramco were a country, then it would have the ninth-largest GDP in the world, ahead of Brazil and Canada, and just short of Italy.
  • For more stories visit Business Insider South Africa.

Apple just got dethroned as the world's largest public company, after Saudi Aramco, the Arabian oil-giant started trading publicly on Wednesday.

Apple, which is valued at about $1.2 trillion (R17 trillion) after Tuesday's close, was overtaken after Aramco surged 10% - the daily limit- on its opening day. Aramco is now worth just shy of $1.9 trillion (R28 trillion).

Aramco earlier this week raised $25.6 billion (R376 billion) in its IPO, all from local investors in Saudi and Gulf states.

Apple has held the top spot since February of this year, with Microsoft not far behind the Silicon Valley tech giant, and also became the first company in the word to be valued at $1 trillion (R14 trillion) in August 2018.

Aramco's mammoth $1.9 trillion (R28 trillion) valuation also means that it is now worth nearly a billion more than competitors BP, Royal Dutch Shell, Exxon Mobil and Chevron combined ($904.6 billion (R13 trillion).)

Last month, Markets Insider reported that Apple was worth more than the entire US energy sector. At the time Apple was worth $1.17 trillion (R17 trillion), and the S&P 500 Energy index was worth only $1.13 trillion (R16 trillion). Aramco's valuation now dwarfs this figure.

The $1.9 trillion (R28 trillion) figure would also mean that if Aramco were a country, then it would have the ninth-largest GDP in the world, ahead of Brazil and Canada, and just short of Italy.

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