MIAMI (CBSMiami/CNN Money) — Amazon is now worth more than Microsoft – a first.
The company was founded by Jeff Bezos who graduated from South Florida’s Palmetto Senior High.
Amazon is now the third largest in America.
Amazon’s market value soared above $685 billion, making the Jeff Bezos-led giant worth more than Microsoft for the first time ever. Microsoft’s market value currently stands at $684 billion.
Amazon now trails only Apple, which has a market cap of about $815 billion, and Google owner Alphabet, valued at $750 billion.
These tech giants are all in a race to the magical trillion dollar level, a height that no U.S. company has topped as of yet.
But Amazon clearly has the most momentum. Its stock has soared nearly 21% this year, well ahead of the gains of Alphabet and Microsoft. Apple’s stock has fallen year-to-date.
Bezos has already passed Microsoft co-founder Bill Gates as the wealthiest person on the planet back in October, according to Forbes and Bloomberg. Bezos is now worth $116 billion, nearly $25 billion more than Gates.
Berkshire Hathaway CEO Warren Buffett and Facebook’s Mark Zuckerberg rank third and fourth in the world’s richest rankings.
(©2018 CBS Broadcasting Inc. All Rights Reserved. CNN contributed to this report.)