Amazon has never paid a dividend, but in December 2015, the market value of its stock was

Question:

Amazon has never paid a but in December 2015, the market value of its stock was greater than $300 billion. Does this invalidate the discount model?
Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...