Amazon Turns To World’s Most Valuable Public Company
LAHORE MIRROR (Monitoring Desk)– Amazon, formed 25 years ago, has superseded Microsoft to become the world’s most valuable listed company.
The online giant was valued at $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.
He overtook Microsoft founder Bill Gates last year.
It is the first time Amazon has held the top position.
Founded by Mr 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.
The business was floated on the stock exchange in 1997, raising $54m. As a result, Mr Bezos joined the ranks of the world’s richest business people before he turned 35 years of age.
Major technology stocks have been volatile in recent months. In August, Apple became the world’s first public company to be worth $1tn (£767bn), while Amazon achieved that valuation in September.
Since then, Apple’s fortunes on the stock market have waned after it warned about a slowdown in China. The tech giant is now valued at $702bn.
SOURCE: BBC NEWS