The online retail giant founded by Jeff Bezos in 1994 is now worth more than fellow tech titans Microsoft or Apple.
Tech giant Amazon has overtaken Microsoft to become the world’s most valuable listed company. The online giant was valued at $810 billion as compared to Microsoft at $789 billion.
It is the first time Amazon - founded by Jeff Bezos in 1994 - has gained the top position in the listed market. The change happened on Monday as shares of the online retail giant rose by 3 percent, increasing its market value to $797 billion. Microsoft’s stock to rose but only by 2%, leaving the value at $789 billion by the end of the trade.
In August, Apple became the first tech company to reach the trillion dollar market-cap followed by Amazon. But since then, both these companies lost market share and Microsoft in November overtook both the companies and took the lead.
The market has been volatile, and tech companies are losing revenue due to trade tensions and declining sales. Apple recently announced that it would miss out on the quarterly revenue targets due to US-China trade war which is affecting its economic growth. Since the slowdown, Apple lost about 400 billion dollars in revenue and its share price today was valued at $702 billion, slipping from $1.1 trillion.Following Amazon as the most valuable company in the world are Microsoft, Alphabet Inc, and Apple.