Jeff Bezos just grabbed a new bragging right. Amazon has officially overtaken Walmart as America’s biggest company by annual revenue, according to The Wall Street Journal. Amazon posted $716.9 billion in full-year sales, narrowly edging Walmart’s $713.2 billion and ending the retailer’s 17-year run at the top. Walmart has held the revenue crown since 2009, when it wrested it from Exxon Mobil. For Bezos, it’s a long-awaited flex. His 31-year-old company, which began as an online bookstore, has since ballooned into a cloud computing, AI, advertising, and logistics behemoth. Amazon sales grew 12.4 percent last year—nearly triple Walmart’s 4.7 percent. Recent data cited by the Journal shows Amazon accounts for roughly 9 percent of total U.S. retail spending. Walmart executives reportedly saw the writing on the wall, quietly scrubbing references to being number one from job listings. The crown officially has a new owner.
Read it at The Wall Street Journal
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