Published: Wed, September 05, 2018
Markets | By Josh Butler

Amazon becomes world's second $1tn company

Amazon becomes world's second $1tn company

Amazon is the second United States company to hit that mark, driven by its continued dominance in the retail world and its highly profitable cloud services business.

In two decades the company expanded far beyond its bookseller beginnings, combining its world-spanning retail operation with less flashy but very profitable advertising and cloud computing businesses. Bezos' stake in Amazon and his other assets are estimated to be worth $166 billion, according to the Bloomberg Billionaires Index.

Apple crossed the trillion-dollar value threshold a month ago and has remained above it. Amazon became the second USA company at that eye-popping value. This temporary achievement plants Amazon firmly among the ranks of Apple and PetroChina, the only other worldwide companies who have performed the same feat. That happened barely a month after Apple crossed that threshold. For added reference, the company's stock reached $1,000 in October of 2017, and broke $100 in October of 2009.

Early gains lifted Amazon's value to US$1 trillion only briefly, with the final close at US$2,039.51 giving it a value of US$995 billion.

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It's official: Amazon is the second U.S. company to achieve a valuation of more than $1 trillion. At $2,050.27 its shares are up around 136,584% since its IPO.

Amazon is the second publicly traded US company to hit $1 trillion, following Apple, which crossed the $1 trillion market cap in August.

He added: "We continue to aspire to be Earth's most customer-centric company, and we recognize this to be no small or easy challenge". Although it is well established in the United States and UK, it has huge scope to grow in the rest of Europe and Asia, especially India.

Of course, this news is unlikely to have any significant impact on Amazon as a company or the market at large.

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