Amazon becomes second U.S. company to reach $1 trillion market value

Amazon becomes second U.S. company to reach $1 trillion market value

The company's market cap hit $1 trillion just a few moments ago after its share price hit $2050.50.

According to a report in CBS News, Amazon shares hit $2,050.49 - climbing 1.5 per cent in the morning trade - bringing the company's market value above $1 trillion.

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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It crossed the line at 16:40 BST before falling back slightly.

Amazon follows Apple, which reached the mark earlier this year. Bezos' stake in Amazon and his other assets are estimated to be worth $166 billion, according to the Bloomberg Billionaires Index. Apple's valuation has risen to $1.1 trillion since it first passed the threshold. Amazon shares first hit $1,000 on October 27, 2017.

It's official: Amazon is the second American company to achieve a valuation of more than $1 trillion.

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Amazon.com Inc on Tuesday briefly joined Apple Inc to become the second $1 trillion (777.79 billion pounds) publicly listed US company after its stock price more than doubled in a year as it grew rapidly in retail and cloud computing. At $2,050.27 its shares are up around 136,584% since its IPO.

Such astronomical growth from a small, Seattle book seller to one of the world's biggest companies, has made its founder and chief executive, Jeff Bezos, easily the richest person in the world.

"The difference between the two is that Amazon has room to grow within its two main businesses".

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"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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