Amazon stock rose 2.6% on Wednesday, lifting the online retailer’s market capitalization to $702.46 billion, a few billion ahead of Microsoft’s $699.22 billion market value.
All of the world’s six richest companies are in the technology sector.
Amazon CEO Jeff Bezos, whose aerospace company Blue Origins last year announced its ambitions to take customers into space by April 19, also rose alongside Amazon on Wednesday to become the richest person in the world, ahead of Microsoft founder Bill Gates. Bezos holds 78.9 million shares of Amazon stock.
Bezos is now the richest man of all time, according to CNBC, with an estimated net worth of $105 billion. Bill Gates previously held the title, with an estimated fortune of $100 billion in 1999.