Business
Aramco Surpasses Microsoft to Become Second-Largest Company by Market Value
Aramco, the government-owned oil firm of Saudi Arabia, has surpassed Microsoft to achieve second place in the global market for market value. According to local media sources, Aramco’s stock prices increased to 36 Saudi Riyals ($9.60) on Wednesday, giving it a market value of 7.92 trillion Saudi Riyals ($2.11 trillion). Currently, the business is just behind Apple, which has a market value of about $2.6 trillion.
The surge in Aramco’s shares comes after Crown Prince Mohammed bin Salman announced the transfer of 4% of its shares to Sanabel Investment Company, a wholly-owned subsidiary of the Public Investment Fund. In 2022, Aramco achieved the highest profits since its listing, recording a 46.5% increase to reach 604 billion Saudi Riyals ($161 billion) compared to 412.4 billion Saudi Riyals in 2021.
According to market cap rankings, Aramco is the most lucrative corporation in the world, with profits for 2022 exceeding those of Apple, Microsoft, and ExxonMobil all together. Despite the gloomy outlook for the world economy, the rise in Aramco’s shares is also attributed to higher crude oil prices, higher sales volumes, significant profit margins from the refining and chemicals business, and a decline in US crude stocks.
Aramco’s success in the market highlights the continued importance of the oil industry in the global economy, even as countries work to reduce their reliance on fossil fuels. As Aramco continues to expand and diversify its operations, it will be interesting to see how it continues to perform in the market and what impact it will have on the global economy.
Business
ShareChat Secures Nearly $49 Million from Key Investors: Report
ShareChat Secures Nearly $49 Million from Key Investors: Report
SharingChat, a social media site, has secured $48.8 million from its current backers, Temasek and Lightspeed, through convertible debentures.
Citing ShareChat’s regulatory filings, startup news website Inc42 stated on Wednesday that the fundraising round will assist ShareChat in “navigating the path to profitability in the next 12 to 15 months.”
The report also stated that the company is supposedly in talks with investors for a larger equity investment round.
To date, ShareChat has raised more than $1 billion in investment.
It was reported in December of last year that ShareChat planned to raise as much as $65 million from current investors.
The investment round was expected to include participation from current investors like Temasek, Tiger Global, Google, Lightspeed Ventures, and others.
As part of a strategic reorganization, ShareChat let go of 200 workers in December, representing around 15% of its total employment.
Also Read: Sergey Brin Personally Urges Google Employee to Decline OpenAI Job Offer
The decision, according to Mohalla Tech, the parent company of ShareChat and the short video entertainment app Moj, indicates the firm’s commitment to attaining profitability within the next four to six quarters and simplifying its cost base.
ShareChat’s sales increased by 62% to Rs 540.21 crore in FY23, but its net loss increased to Rs 4,064.3 crore from Rs 2,941.5 crore in FY22.
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