World’s most valuable public company slammed for ‘utterly shameful’ and ‘inhumane’ behavior toward worker
Somebody at Saudi Aramco thought this was a good idea.
— هشام فقيه (@HishamFageeh) March 10, 2020
Social media, however, did not, and outrage exploded across Twitter TWTR, -8.77% , with accusations of racism, injustice and “modern-day slavery” dominating the discussion:
Saudi Aramco responded by saying in a tweeted message that it didn’t approve of the stunt and apologizing for the “abusive behavior” toward its worker. “The company immediately stopped this act and took strict measures to prevent it from happening again,” the statement said.
Meanwhile, Saudi Aramco 2222, +9.88% , which took the top spot as the world’s most valuable publicly traded company after hitting the market late last year, has other problems on its plate. Last Sunday, the stock dropped below its initial public offering price for the first time ever, after OPEC and non-OPEC allies couldn’t agree on how much oil production to cut. The company said on Tuesday it would boost crude available to customers to 12.3 million barrels a day in April.
Looking ahead, the potential for a Saudi-Russia price war combined with concerns about the economic impact of the coronavirus outbreak suggests that the oil CL00, -3.61% market could remain choppy for the foreseeable future.
The Dow Jones Industrial DJIA, -5.86% closed down more than 1,400 points on Wednesday, with both the S&P 500 SPX, -4.89% and Nasdaq Composite COMP, -4.70% shedding almost 5% each. Oil ended with a 4.5% drop to $32.87 a barrel.