17 January 2019
E-commerce giant Amazon has accumulated $797 billion in market value thereby overtaking Microsoft to become the world’s most valuable publicly-traded company. Amazon’s founder Jeff Bezos has become the world's wealthiest man, with a net worth of $135 billion, according to the latest Bloomberg's billionaire index.
In September 2018, Amazon had briefly reached a market cap of $1-trillion to become the second biggest US-listed company to reach the $1-trillion mark following Apple which had reached the mark in August 2018.
Microsoft had shot past Apple to become the most valuable company on Nov. 28 with a market capitalization of $783 billion. It was the first time in eight years that Microsoft successfully outpaced Apple in the stock market, as concerns about Apple’s growth increased due to saturation in the Chinese market.
Apple chief executive officer, Tim Cook has revised the company’s guidance for the first quarter fiscal results with a decline in revenue estimates from $89 billion and $93 billion to $84 billion, which has further led to a decline in the company’s stock. Apple has now fallen behind Amazon, Microsoft and Google’s parent company, Alphabet, in market value. Alphabet is valued at approx. $756 billion while Apple’s is currently worth $700 billion.
“While we anticipated some challenges in key emerging markets, we did not foresee the magnitude of the economic deceleration, particularly in Greater China,” Cook wrote in the letter. “In fact, most of our revenue shortfall to our guidance, and over 100% of our year-over-year worldwide revenue decline occurred in Greater China across iPhone, Mac and iPad.”