Amazon Becomes Second Company To Hit $1 Trillion After Apple

Gladys Abbott
September 5, 2018

Amazon - headed by founder Jeff Bezos, who has become the world's richest person on the back of the relentless rally in Amazon shares - hit the milestone just over a month after Apple became the first company to do so on August 2.

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

Amazon shares were last up 1.1 percent at $2,035.69, pulling back slightly from the milestone level of $2050.2677.

According to the World's Billionaires list from Forbes, which tracks the net worth of billionaires in real time based on stock market fluctuations, Bezos added as much as $2 billion to his fortune on Tuesday morning, as Amazon's market cap topped $1 trillion.

Amazon is now not only synonymous with online shopping, but is also opening physical stores, owns the Whole Foods grocery franchise and runs a massively lucrative cloud-services business.

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

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Amazon now trades up 74.0 percent for the year to date. In fact, when people shop online, they're most likely to start on Amazon, the poll found. Meanwhile, Amazon is reportedly beefing up its digital advertising business to better compete in an online ad market dominated by Google and Facebook.

Now, Amazon has followed in Apple's footsteps - the online retail giant successfully snagged the trillion-dollar company title for itself today, albeit temporarily.

According to the research firm eMarketer, Amazon's e-commerce revenue will grow more than 28 per cent this year to reach US$394 billion, and will account for 49 per cent of U.S. online retail sales and almost five per cent of all retail spending.

This article was written by Abha Bhattarai, a reporter for The Washington Post.

"If Amazon does have a downfall, it will be arrogance in dealing with the customer", Enderle said.

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