Amazon is now the world’s most valuable company after managing to overtake Microsoft, who has been leading the charts since November last year.
As per BBC, Amazon is now worth $810 million, whereas the software giant Microsoft is now valued at $789 billion. Google’s parent company Alphabet is third in the top with $752 billion, while Apple is now fourth with $702 billion.
Microsoft managed to surpass Apple in late 2018, becoming the world’s most valuable company, while in December, Amazon did the same thing and took over the runner-up seat.
Apple keeps going down
Apple, which last year became the first company in the world to be worth $1 trillion, declined substantially in the last six months, mostly as a result of a massive drop experienced by its flagship product, the iPhone.
The 2018 iPhone generation, which was supposed to help Apple secure the lead, is actually selling well below expectations, and despite the decline, CEO Tim Cook says the company is well positioned to remain a leader in the long term.
“I'm never surprised by the market, to be honest with you, because I think the market is quite emotional in the short term. We sort of look through all of that. We think about the long term. And so when I look at the long-term health of the company, it has never been better. The product pipeline has never been better. The ecosystem has never been stronger. The services are on a tear,” he said.
Amazon, on the other hand, has recorded a constant growth since 2017, the same year when it paid no less than $13.7 billion for Whole Foods Market. Founder Jeff Bezos also became the richest person in the world last year with a net worth $150 billion.