As of Tuesday at market close, Amazon overtook Google parent Alphabet, leaving only Apple bigger.
SAN FRANCISCO – Amazon moved ahead of Google parent Alphabet on Tuesday to become the nation’s second-most valuable company based on its stock price, but the online retailing giant still has a long ways to go before it can catch Apple.
Amazon’s market capitalization was $768 billion on Tuesday, jumping ahead of Alphabet, which stood at $762 billion, according to S&P Global Market Intelligence.
Neither is in range of Apple, which still weighs in at a hefty $889 billion.
Amazon has been on a fast rise to the top of late. It passed Microsoft for third place in market capitalization on Feb. 14.
Amazon stock closed at $1,586.51 per share Tuesday, up 2.69%.
The rise in Amazon’s stock price was a further boost to the personal wealth of CEO Jeff Bezos, currently the world’s richest person.
He became America’s first centi-billionaire — those who pass the $100 billion mark in personal wealth — this month with his 16% stake in Amazon, which he founded in a Seattle garage in 1994. As of Tuesday, Forbes’ list of world billionaires put his fortune at $131.1 billion, up 2.6%.
The move comes as many have been waiting to see which global corporation will pass the $1 trillion mark. Most bets have been on Apple, but Amazon’s seemingly endless appetite for new business realms has spurred investor interested.
The latest has been news in January that Amazon was looking at an alliance with Berkshire Hathaway and JPMorgan Chase to create an independent health care company with the aim of delivering savings and better health care for patients while posing a serious threat to medical companies that are reaping big profits off of the status quo.
Facebook has been a big loser in recent days when it comes to stock price due to hits suffered over the continuing controversy over use of some of its data by a firm tied to election meddling.
Facebook stock was down 2.56% Tuesday to $168.15 per share. It’s market capitalization fell to $488 billion.
