Aramaco is Worth More than Berkshire Hathaway, Facebook, and Amazon Combine
After rising 10% on its first day of trading the Saudi oil giant rose another 8.2%.
Crown Prince Mohammad bin Salman had been pushing to reach this mark prior to the state-owned company's IPO. The liquidation of a portion of the company was executed in order to finance his Vision 2030 plans to try and diversify the Saudi economy away from oil.
If Aramco were a country its GDP would be the eighth largest in the world. The IPO and trading thereafter raised $25.6 billion from investors. (Saudi Arabia invested $2 billion to ensure that the IPO would be successful)