Apple became the world’s most valuable company Friday, dethroning state oil giant Saudi Aramco, and Amazon founder-CEO Jeff Bezos saw his net worth surge as stocks jumped following a round of…
at an antitrust hearding on Capitol Hill on Wednesday to explore whether these companies are too big and should be broken up. The executives argued that they face stiff competition across their businesses and anyway do much more good than harm.
Shares of Amazon closed up 3.7% at $3,164 — off its high for the day of $3,244. Founder and chief executive Jeff Bezos owns 11% of the company, meaning his net worth surged by around $7 billion in a day, according to calculations by MarketWatch. Amazon reported sales of $88.9 billion for the quarter. It ended the day with a market cap of about $1.6 trillion.
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