Just now, the throne of the world's first market capitalization has changed hands! And the strongest company in the United States was an Asian company that was once abandoned by the Americans.
Recently, Apple's stock price closed down to $142.56, a cumulative decline of more than 9% in one week, and the market value evaporated by $200 billion. This also allowed Apple to give up the throne of the world's largest market capitalization and be replaced by the Asian company Saudi Aramco.
What kind of company is Saudi Aramco?
When you think of Saudi Arabia, you probably think of oil, yes, Saudi Aramco is the saudi state-owned oil giant, and it is the only non-Usurp company in the top 10 global companies by market capitalization. But you know what? Although Saudi Aramco is an Asian company, it is inextricably linked to the United States.
Put it this way, it was once a business abandoned by the Americans. What's going on here?
In fact, the predecessor of Saudi Aramco has some ties to the legendary American oil giant Rockefeller. Rockefeller founded Standard Oil in 1870, but it was broken up in 1906 on suspicion of monopoly because it was so well developed. In 1933, the split company formed the Arab American Oil Company while exploring for oil in Saudi Arabia. Subsequently, it was sold to the Saudi government. In 1988, Aramco was officially renamed Saudi Aramco by the Saudi King.
It can be seen that the creation of Saudi Aramco is actually inseparable from the Americans. But who would have thought that one day, the companies abandoned by the Americans would defeat the companies that the Americans made money on? So, how did Saudi Aramco do it?
In the 1990 Gulf Crisis, Saudi Aramco seized the "opportunity" of the destruction of Kuwait's oil production facilities and became one of the influential participants in the oil industry at that time;
Saudi Aramco followed suit, and in 2019 raised $25.6 billion through an IPO, the largest amount ever recorded;
In the continuous "expansion", Saudi Aramco not only maintains a good relationship with the royal family at all times, but also is very good at "storytelling", and it has even established its own unique position as a historian and anthropologist, and has also helped the company become a catalyst for Saudi Development. This way of using "stories" to integrate with the official and develop each other has also become a pleasure for the governments and local people of resource countries.