Amazon becomes second USA company to be worth US$1 trillion

Anna Jefferson
September 5, 2018

Amazon.com Inc on Tuesday briefly joined Apple Inc to become the second $1 trillion (777.79 billion pounds) publicly listed USA company after its stock price more than doubled in a year as it grew rapidly in retail and cloud computing.

And while Amazon and Apple are now alongside one another in the $1 trillion category, look for Google parent company Alphabet and Microsoft to reach the monumental mark in the near future.

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Amazon's share prices slightly receded after hitting the milestone, trading for $2036.95 at the time of writing.

Even more telling is Amazon's size when compared with the entire national stock markets of other countries.

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Bezos' riches have largely come through his ownership of 16.3% of Amazon's outstanding stock.

Amazon's shares debuted at $18 on May 15, 1997.

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Jeff Bezos, the founder and CEO - who is already the world's richest man - saw his personal fortune rise on Tuesday as well. "Now that it has several high-margin revenue streams, we're seeing those doubts subside". This year alone, his net worth rose by more than $66 billion. Amazon Web Services provides cloud computing services to companies and government, and Amazon's advertising division makes billions by selling ads to companies that want their products to show up when shoppers search on the site. If the online retailer's share price continues at its recent pace, it will be a matter of when, not if, Amazon's market valuation eclipses that of iPhone maker Apple, which reached $1 trillion on August 2. "We know there is much we can do better, and we find tremendous energy in the many challenges and opportunities that lie ahead".

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