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Matt Levine

Aramco’s Failed IPO Went Pretty Well

Also Exxon, Dalio and Diddy.

Well this is not the approach I would have taken:

Yes, sure, Saudia Arabian Oil Co.’s initial public offering got done, selling 1.5% of the company for about $25.6 billion. And yes, the stock jumped in the first day of trading, getting Aramco closer to Crown Prince Mohammed bin Salman’s dream of a $2 trillion valuation. But part of the goal of the IPO was to move Saudi Arabia past its well-earned reputation for torturing, murdering and dismembering its critics. And then you show up at the press conference like “people who criticized this deal are gonna end up in the hospital missing body parts”? What? No, come on, lay off the threats of dismemberment for like a day