Amazon Is The Most Valuable Company

Finance News With Amazon Amazon, formed 25 years ago, has eclipsed Microsoft to become the world’s most valuable listed company. The online giant was worth $797 billion when the...

Finance News With Amazon

Amazon, formed 25 years ago, has eclipsed Microsoft to become the world’s most valuable listed company.

The online giant was worth $797 billion when the US stock market closed on Monday after rising 3.4% and moved past Microsoft, valued at $789 billion. Jeff Bezos, the founder of Amazon, is the world’s wealthiest man, with riches of $135 billion, 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. The share prices of US tech giants have been on a roller coaster in recent months on worries about sales and trade tensions.

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. 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. By early 1996, Amazon was selling books online throughout the US.

The business was floated on the stock exchange in 1997, raising $54 million. As a result, Bezos joined the ranks of the world’s richest business people before he turned 35 years of age.

Follow @TwistityNews