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Thursday, April 25, 2024

Amazon is now the world’s most valuable private company

(New York) – Amazon for the first time closed out Monday’s trading session as the world’s biggest publicly-traded company, overtaking Microsoft and other fellow tech behemoths.

The online sales goliath assumed the top spot after notching a 3.4 percent gain to finish with a market capitalization of $796.8 billion, about $13.2 billion more than Microsoft.

Led by Chief Executive Jeff Bezos, Amazon has seen remarkable growth as its business has spread beyond its origins as an online bookseller to myriad other retail categories.

Revenues jumped from $74.5 billion in 2013 to $177.9 billion last year and are projected to reach $232.3 billion in 2018.

Even with its latest distinction as top dog in market value, Amazon’s market capitalization stands well below its own peak in September, when it crossed $1 trillion before Wall Street’s late-2018 selloff.

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