Amazon.com has never paid a dividend, but in July 2013 the market value of its stock was

Question:

Amazon.com has never paid a but in July 2013 the market value of its stock was $139 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...