Mumbai, February 19: In a first-time ever, Amazon has become the world's third most valuable company with a market capital of $702.5 billion which is ahead of Microsoft's market capital of $699.2 billion.
The gains came as investors bet that the company would continue its track record of grabbing an ever larger share of commerce. Amazon's revenue has grown by at least 19 percent each year for the last decade, a record unmatched among companies with sales of more than $1 billion.
Amazon CEO Jeff Bezos, whose aerospace company Blue Origins last year announced its ambitions to take customers into space by April 19, also rose alongside Amazon on Wednesday to become the richest person in the world, ahead of Microsoft founder Bill Gates. Bezos holds 78.9 million shares of Amazon stock.
Bezos is now the richest man of all time, with an estimated net worth of $105 billion. Bill Gates previously held the title, with an estimated fortune of $100 billion in 1999.