Amazon beats Microsoft to become world's third-most valuable company

With a market cap of $702.5 billion, Amazon has become the third mostvaluable company in the world, racing past Microsoft, which has a market cap of $699.2 billion.

According to a report in The New York Post, Amazon stock surged 2.6 per cent on Wednesday, taking the company's market cap ahead of Microsoft for the first time.

With $521.5 billion market cap, Facebook is at the fifth spot.

Amazon CEO Jeff Bezos is now the world's richest man, not just at present, but of all time.

Both Bloomberg and Forbes have put Bezos on top of their billionaire lists. Bloomberg said Bezos' net worth reached $106 billion while Forbes put it at $105 billion, Xinhua news agency reported.

The previous record was held by Microsoft founder Bill Gates with $100 billion in 1999.

The majority of Bezos' net worth comes from the 78.9 million shares of Amazon stock he owns.