Amazon becomes the country's second $1 trillion company

05 September, 2018, 03:39 | Author: Billie Castillo
  • Lindsey Wasson  Reuters

Amazon became the second big U.S. company to hit $1 trillion in stock market value in the latest demonstration of the rising clout of American technology heavyweights.

Apple took nearly 38 years as a public company to achieve the trillion dollar milestone, while Amazon got there in 21 years.

Less than 25 year later, the company has garnered a major presence in everything from retail, to groceries, to video streaming, helping it rack up revenues of $178bn (£139bn) last year.

It's an accomplishment for Chief Executive Officer Jeff Bezos, who is the world's wealthiest person.

Later on Tuesday, Amazon's market value dipped below the trillion-dollar mark again.

Amazon crossed the $2,000 threshold for the first time on August 30 after doubling its price in just 10 months.

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Apple was named as the first publicly listed United States company to be valued at $1,000,000,000,000 on August 2.

Like most tech billionaires, Jeff Bezos's net worth rises and falls based on his company's performance in the stock market.

Amazon retreated slightly after hitting the milestone, and near 1545, it was up 1.3 percent to $2,038.71.

Wall Street has grown very enthusiastic about Amazon's other businesses. Amazon also operates the world's largest cloud-computing platform, Amazon Web Services, which rents computing power to a huge number of organizatons.

"This year marks the 20th anniversary of our first shareholder letter, and our core values and approach remain unchanged", Bezos said in his 2017 letter to shareholders in March.

"We continue to aspire to be Earth's most customer-centric company, and we recognize this to be no small or easy challenge".

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