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Amazon now more valuable than Microsoft

Jeff Bezos DACA sholarship

Amazon (AMZN) has beat out yet another company in its relentless climb to the position of "world's most valuable company." 

The e-commerce behemoth's stock price grew 2.5 percent Wednesday, closing at $1,451.05 a share. That increase brings Amazon's market capitalization to $702.5 billion, making it the third-most valuable company in the world. 

The former third-most-valuable company, Microsoft (MSFT), ended the day with a market cap of $699.2 billion, after its shares rose 1.4 percent.

Together, the two companies are worth more than three times as much as all other businesses headquartered in Washington state, according to the Seattle Business Times. They're behind No. 1 Apple (AAPL) and No. 2 Alphabet (GOOG), currently worth $849.2 billion and $746 billion, respectively.

Wednesday's stock movements gave a multibillion bump to the personal worth of Amazon CEO Jeff Bezos. The world's wealthiest man ended the day with his Amazon stake worth over $119 billion.