By Flora Carr
February 15, 2018

Amazon’s market value surpassed Microsoft’s for the first time on Wednesday, making Amazon (amzn) the world’s third most valuable company.

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.

Apple (aapl) and Alphabet (googl) stand ahead of Amazon as the most valuable companies in the world. Microsoft (msft), now ranked fourth, follows, ahead of Tencent (tctzf) and Facebook (fb).

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.

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