Amazon tops Google to become the second most valuable company in the world

Amazon has just overtaken Alphabet, Google’s parent company, to become the second most valuable company in the world, with a current market capitalization of 768 billion US dollars as of today’s closing bell. Alphabet, which is presently valued at $761 billion, had consistently held the second position to Apple, valued at $889 billion, since around 2016. The switch in positions comes as a result of Amazon’s steady climb in market valuation over the past few years, finally culminating today with a 2.69% increase in stock price while Alphabet’s stock fell 0.39%. Amazon’s growth has also made its CEO and founder, Jeff Bezos, the richest man in the world, with an estimated fortune of around $130 billion.

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