Amazon is the most valuable public company in the world after passing Microsoft

• Amazon surpassed Microsoft as the largest company by market value on Monday.
• The companies have been in a tight race with Apple and Alphabet for the title.
• Amazon's market value is now about $797 billion.

Amazon is now the largest company by market value, overtaking Microsoft's hold on the title.

Amazon's ended trading Monday with a market value of about $797 billion, compared with Microsoft's $783 billion. Apple, which had been part of a close three-way race for the seat, is now down to about $702 billion in market value after plunging last week on the news of its weak iPhone sales. Google parent company Alphabet has surpassed Apple with a market value of about $748 billion.

Amazon's stock rose about 3.5 percent Monday to close at $1,629.51 per share, while Microsoft rose just a fraction of 1 percent to close at $102.06 per share. Microsoft announced Monday it was working with Kroger to take on Amazon's cashierless Amazon Go stores with its own take.

Subscribe to CNBC on YouTube.

Watch: Amazon may be looking to expand Whole Foods across the US