Amazon has eclipsed Microsoft as the world’s most valuable listed company as volatile markets reshuffle Wall Street’s pecking order.
The change happened on Monday as shares in the online retail giant rose 3%, lifting its market value to $797m (£624.3m).
Microsoft also rose, but by less than 1%, leaving its value at $784bn (£614m).
It is the first time that Amazon – founded by Jeff Bezos in 1994 – has held the top spot and ends Microsoft’s brief return to the number one position after it surpassed Apple late in November.
Apple share prices have been under pressure amid fears that Donald Trump’s trade war with China will hold back economic growth.
Technology stocks and other industries that generate a substantial chunk of revenues outside the US are among those that have been badly affected by the market volatility.
Amazon, despite climbing ahead of Microsoft, is worth a fifth less than in September when its value peaked at more than $1tn.
