Monday marks the 20th anniversary of Amazon going public as a company, so it's only fitting that on this day it's being reported that the value of Amazon has exploded: it now has the worth of two Walmarts.
According to Recode, Amazon's now has a market cap of $459 billion, while Walmart's market cap stands at $228 billion. Amazon tied Walmart's market cap in 2015; since then its value has skyrocketed. The only companies that have a higher value than Amazon are Microsoft, Apple and Alphabet, which owns Google.
Additionally, Amazon's stock price has soared from zero dollars when it debuted in 1997 to $959.58 today. To put that into perspective, "If you were lucky enough to have $1,000 worth of Amazon stock at its IPO price (adjusted for splits) two decades ago, that would now be worth ... $638,000," according to CNN Money.
The online retail giant still has a small profit line and is behind Walmart in terms of total revenue — Walmart is believed to generate almost $500 billion in total revenue while Amazon is expected to generate $166 billion — but Amazon is expanding and cornering the retail market: (H/T: CNN Money)
The dominance of Amazon, as well as Walmart, is one of the reasons why many other traditional retailers are closing stores, laying off workers and, in some cases, even going out of business.
Name a part of the retail world and Amazon has entered it. It's gone from books and CDs to the digital versions of them, as well as clothing, food, furniture, jewelry and just about everything else.
Amazon is also a cloud computing leader and an emerging player in the world of streaming digital media along with Netflix.
The company has invested in freight airlines in order to have more control over the delivery process and is also working on drones as well.
And Amazon has the potential to be a winner in the Internet of Things/connected devices market with its Alexa-powered Echo speaker. (Alexa, can you help me finish this story by my deadline?)
Additionally, department store sales have steadily declined over the past ten years while online retail sales have skyrocketed. In fact, Amazon's market cap is over eight times as high as the country's department store index, according to Zero Hedge.
Overall, Amazon was ranked 29th on Forbes' top public companies list and 11th on their innovative companies list.
The ballooning size of Amazon's worth suggest that online retails are the wave of the future, as people clearly enjoy the convenience of ordering a product straight from their laptop. This is, after all, the Digital Age where we're all connected in a globalized economy.