Amazon passes Alphabet to become 2nd most valuable company
By Ray Downs | March 20, 2018 at 8:08 PM
March 20 (UPI) — Amazon became the second most valuable company in the world Tuesday, surpassing Alphabet, the parent company of Google, in stock value.
Amazon’s stock market value increased 2.7 percent by the end of the day, bringing its total value to $768 billion at $1,586.51 per share. The stock jump was enough to pass Alphabet, which fell 0.4 percent for a total value of $762.5 billion.
The milestone comes days after Amazon founder and CEO Jeff Bezos topped the Forbes annual billionaires list with a total wealth of $112 billion, becoming the first American to pass the $100 billion mark.
Last month, Amazon surpassed Microsoft in value.
Apple has a comfortable lead at the top spot with an $889 billion valuation.
But Amazon is rising fast, increasing in value by 85 percent over the past 12 months, including 35 percent so far in 2018, CNBC reported.
As neither company shows any signs of slowing down, Wall Street analysts predict at least one of them may soon reach a value of $1 trillion, which would be the first for any company.