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    Amazon now world’s third-most valuable company

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    With a market cap of US $702.5 billion, has become the third most valuable company in the world, racing past Microsoft, which has a market cap of US $699.2 billion.

    Amazon now world's third-most valuable company
    Amazon CEO Jeff Bezos is now the world's richest man, not just at present, but of all time

    According to a report in The New York Post, Amazon stock surged 2.6 percent on Wednesday, taking the company’s market cap ahead of Microsoft for the first time.

    Apple tops the list with US $849.2 billion market cap, followed by Google’s parent company Alphabet at US $745.1 billion.

    With US $521.5 billion market cap, Facebook is at the fifth spot.

    Amazon CEO Jeff Bezos is now the world’s richest man, not just at present, but of all time.

    Both Bloomberg and Forbes have put Bezos on top of their billionaire lists. Bloomberg said Bezos’ net worth reached US $106 billion while Forbes put it at US $105 billion, Xinhua news agency reported.

    The previous record was held by Microsoft founder Bill Gates with $100 billion in 1999.

    The majority of Bezos’ net worth comes from the 78.9 million shares of Amazon stock he owns.