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Amazon.com Inc passes Wal-Mart as world’s biggest retailer by market value as stock soars

Amazon.com CEO Jeff Bezos is in the money this morning after shares in his company soared almost 20%.

Amazon.com Inc. surpassed Wal-Mart Stores Inc. as the world\’s biggest retailer by market value after a surprise second-quarter profit sent the e-commerce company\’s stock into record territory.

Amazon shares rose as much as 19 per cent to $573.45 in after-market trading on Thursday, giving the Seattle-based company a value of about $267 billion. That compares with Wal-Mart\’s $233.5 billion market valuation. Amazon was trading up 15% at US$557.39 by mid-morning Friday.

Wal-Mart still dwarfs Amazon in terms of sales, about five times its annual revenue. But Amazon has solidified its dominance in e-commerce, forcing its big-box rival to play catch-up.

Wal-Mart is investing heavily in the Web operations and developing its own online subscription plan to compete with Amazon Prime.

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