Amazon has soared above Buffett ahead of Prime Day

Lynsey Barber
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Amazon Prime Summer Soiree Hosted By Erin And Sara Foster
Amazon is exciting investors as well as shoppers (Source: Getty)

Amazon is soaring ahead of one of its biggest shopping days of the year

Its share price has struck an all-time high and the web giant has overtaken Warren Buffett's Berkshire Hathaway to become the fifth largest company in the world.

Jeff Bezos's retail and technology giant has had a stellar year so far that just seems to get better and better.

Read more: Amazon will plough ahead with UK data centres plan despite Brexit

Shares hit an intraday all-time high of $755.90 per share, closing slightly lower $753.90. But that still meant a market capitalisation of $360bn which surpassed Berkshire Hathaway's $359bn as of Monday's US market close.

Shares are up more thn 60 per cent in the past year and the average price target of Wall Street firms for the retailer is more than $800 per share.

Top 5 biggest companies in the world (by market cap)

1. Apple

2. Google

3. Microsoft

4. Exxon Mobile

5. Amazon

Amazon's Prime Day kicks off today, offering thousands of deals in its own take on Black Friday. The second year of the event is expected to net Amazon double the sales of last year, which totaled as much as $400m, according to analyst firm MKM Partners.

Read more: Nope. Amazon Prime Day is not the new Black Friday

Prime day deals aer available only to Prime members who pay a yearly £79 subscription fee, but the day is likely to attract more subscribers - who also get other services such as video streaming - which is good for Amazon in the long term in addition to the one off sale boost from sales on the day itself. Membership increased 15 per cent last year as a result of Prime Day.

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