Amazon becomes most valuable public company in world

Amazon formed 25 years ago, has eclipsed Microsoft to become the world's most valuable listed company.

Amazon for the first time closed out on Monday's (January 7) trading session as the world's biggest publicly traded company, overtaking Microsoft and other fellow tech behemoths.

The online retailer was valued at $797bn (£634bn) when the US stock market closed on Monday after rising 3.4% and edging past Microsoft, valued at $789bn.

Revenues jumped from US$74.5 billion in 2013 to US$177.9 billion last year and are projected to reach US$232.3 billion in 2018.

Even with its latest distinction as top dog in market value, Amazon's market capitalization stands well below its own peak in September, when it crossed US$1 trillion before Wall Street's late-2018 selloff.

Amazon's retreat during the pullback has been less steep than that of other tech titans.

Jeff Bezos, the founder of Amazon, is the world's wealthiest man, with riches of $135bn, according to Bloomberg's billionaire index.

He overtook Microsoft founder Bill Gates last year. It is the first time Amazon has held the top position.

Founded by Bezos in 1994, Amazon started life as a niche second-hand bookseller and has become an online retailer of items ranging from fresh food to clothes.

The business was floated on the stock exchange in 1997, raising $54m. As a result, Bezos joined the ranks of the world's richest business people before he turned 35 years of age.

Major technology stocks have been volatile in recent months. In August, Apple became the world's first public company to be worth $1tn (£767bn), while Amazon achieved that valuation in September.

Since then, Apple's fortunes on the stock market have waned after it warned about a slowdown in China. The tech giant is now valued at $702bn.