Amazon rated world’s third-most valuable company

Amazon is now the world’s third-most valuable company with a market cap of $702.5 billion.

Apple holds a comfortable top spot with $849.2 billion market cap while Google’s parent company Alphabet is the second most valuable company with a market cap of $745.1 billion. Microsoft was the third most valuable company last year; however that changed with Amazon displacing it to fourth spot. Microsoft has a market cap of $699.2 billion. With $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 $106 billion while Forbes put it at $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.