Amazon, a 25 years old company, has eclipsed Microsoft to become the world’s most valuable listed company, says
The online giant was worth $797bn (£634bn) when the US stock market closed on Monday after rising 3.4% and moved past Microsoft, valued at $789bn.
Jeff Bezos, the founder of Amazon, is the world’s wealthiest man, with riches of $135bn, according to Bloomberg’s billionaire index.
It is the first time Amazon has held the top position. The share prices of US tech giants have been on a rollercoaster in recent months on worries about sales and trade tension.
Founded by Bezos in 1994, Amazon started life as a niche second-hand book seller and has become an online retailer of items ranging from fresh food to clothes.
It can be recalled that the firm was created in a garage in a suburb of Seattle, Washington.
It was originally called “Cadabra,” (as in “abracadabra”) and in 1995 sold its first book – Fluid Concepts and Creative Analogies: Computer Models of the Fundamental Mechanisms of Thought, by Douglas Hofstadter.
In 1997, when Amazon floated in stock exchange and recorded a $54m, as a result, its founder landed to the wealthiest list in the world, before turning 35 years old- and now the wealthiest of them all.