Sharp decline in Amazon shares paves way for rise in ranking

Facebook surpassed Amazon in market capitalization Friday to become the world's fourth most valuable company.

Shares of the social media giant rose 0.7 percent to $171.58 at 10 a.m. EST (1400GMT), giving the company a market capitalization of $497 billion.

Amazon stock, however, fell 3.5 percent to $1,008.80, putting the company's market value at $482 billion.

The sharp decline comes after the online retailer reported late Thursday a net income fell 77 percent during the second quarter.

The decline in value cost its founder and CEO Jeff Bezos his top spot on Forbes’ world’s richest person list -- a title he enjoyed for only 8 hours Thursday.

Bezos remains in second place on the list Friday with a net worth of $85.9 billion, according to Forbes’ real time tracking. Bill Gates is in the top spot at $89.7 billion as of 11.20 EST (1325GMT).

Facebook cofounder and CEO Mark Zuckerberg was fifth on the list with a mere $71.5 billion.

At 33, Zuckerberg is also the world’s youngest billionaire.

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