It’s almost a case of little brother beats big brother as Amazon recently surpassed Walmart as the most valuable market retailer, as voted upon by investors. While this is the first time, Walmart hasn’t held that crown in quite some time, the trick is that while Amazon may be voted as the most valuable, Walmart still makes five times in sales what Amazon makes each year. Meaning, Walmart is still the wealthiest of the two companies by a landslide.
The news comes just days after Amazon completed their first, Prime Day, which gave Amazon Prime members similar deals as those they would see on Black Friday. The day was introduced as a celebration of the company’s 20 year anniversary, and surprisingly did better than any other sale that’s been held on Black Friday in year’s past. Due to its success, Prime Day helped stock prices for the online retailer rise over 17 percent last week alone.
While Amazon is now valued as the 11th most valuable company at $250 billion, their CEO Jeff Bezo, has also become the 5th wealthiest person in the world. Bezo is estimated to make well over $50 billion with the company’s latest success.
