On December 3, Amazon briefly became the world's most valuable publicly trading company when it overtook Microsoft, which just last week knocked Apple off the top spot itself, in market value. Shares in Amazon rose 4.7%, giving the retail giant a valuation of $865bn.
While Amazon has been hit by the market curse that has seen tech stocks plummeting, causing it to lose $250bn the month after it reached a $1 trillion valuation, the news of its share price increasing is a sign that it could be clawing back some value. Last week it reported that it had just had its biggest Cyber Mon day ever and biggest shopping day in its history.
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However, Jeff Bezos has recently added fuel to the fire of concern for Amazon when he claimed: "One day, Amazon will fail… we have to delay that day for as long as possible."
The FAANG stocks – Facebook, Amazon, Apple, Netflix and Alphabet – have been experiencing some particularly rocky weeks in Wall Street which has led to billions being knocked off their value and Amazon, Apple and Microsoft all battling for the title of world's most valuable company. Despite Amazon briefly holding the crown, at the close of day, Apple had regained the top spot – for now.
