Technology giant Apple lost the title of world’s most valuable brand to Saudi Arabia-based oil company
Apple lost the title of the world’s most valuable brand, but the new owner of the throne came as a surprise. The new owner of the title was not Microsoft, Google or Amazon, but Saudi Aramco, based in Saudi Arabia. The company, which is the world’s largest crude oil exporter, became the fourth most valuable company in the world last year.
Apple takes over the world’s most valuable brand
Saudi Aramco company is actually 94 percent owned by the Kingdom of Saudi Arabia. Rising oil prices caused Saudi Aramco shares to increase by 30 percent in 2022. In the first quarter of this year, the giant energy company generated 82% more revenue, that is, approximately 40 billion dollars, compared to the same period of last year.
According to the Financial Times, Apple lost its position as the most valuable company in the world, despite being the world’s “first company to reach a market volume of 3 trillion dollars” this January. But since then, the firm’s revenue has dropped by 19 percent, and its share prices have dropped $146 to the lowest level since November 2021. While the value of Apple fell to $ 2.37 trillion, Saudi Aramco managed to reach the top by increasing its value to $ 2.43 trillion in this process.