Business

Microsoft takes over Amazon as second-largest company by market value




Amazon erased $ 50 billion in market capitalization Friday after the company fell short of Wall Street's revenue expectations in the third quarter, making software giant Microsoft the second largest companies in the United States.

Jeff Bezos' mammoth e-commerce company plunged 5.6 percent on the week's final day of trading, losing roughly $ 69 billion. Bezos itself lost $ 8 billion in equity value Friday.

The latest glimpse into the financial health of two of the globe's largest companies has renewed a sell-off in the so-called "FANG" stocks, the unofficial name of the group of stocks Facebook, Amazon, Netflix and Google. Now synonymous with big technology as a whole, the collective barring Amazon has underperformed the broader market over the past three months.



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