Saudi Aramco IPO Concept Was Far Too Premature - Bloomberg

Saudi Aramco IPO Concept Was Far Too Premature - Bloomberg:

I’ve long thought that Crown Prince Mohammed bin Salman’s life overlaps in curious but important ways with one Elon Musk, CEO of Tesla Inc. And now, MBS even has his own take on Musk’s “funding secured” meme.

The long-awaited initial public offering of Saudi Arabian Oil Co., or Saudi Aramco, has been put on hold, according to my colleagues in Bloomberg News. Given it is already two-and-a-half years since the sale was first mooted, “on hold” sounds a lot like “how about never?” For their part, the Saudi authorities, citing preparations made to date, insisted late Wednesday evening that the IPO hadn’t been cancelled — as Reuters had earlier reported — but that it would go ahead at a time of the government’s own choosing.

In any case, it’s fair to say that MBS’s confident proclamations about the mother of all IPOs were a tad premature and that $2 trillion valuation he spoke of was decidedly not secured (still, at least no one could mistake $2,000,000,000,000 for a joke about weed).