Amazon becomes second $1 trillion company in US

Sep 05, 2018, 05:12
Amazon becomes second $1 trillion company in US

Amazon has become the second company to reach a stock market value of $1 trillion just weeks after Apple hit the same milestone.

Its shares then hit the $2050.2677 level to give its stock a value of $1 trillion.

The development comes just a little over a month after technology giant Apple reached the $1 trillion mark.

It crossed the line at 16:40 BST before falling back slightly. And Bezos's fortune has been skyrocketing as Amazon shares have soared in 2018: Through most of the year thus far, Bezos's net worth has been increasing at an average of roughly $260 million per day.

However it was tech giant Apple that was named as the first publicly listed USA company to be valued at $1,000,000,000,000, on 2 August. This made it hard to determine the company's actual value.

Achieving the valuation marks the latest chapter in an astonishing story of growth for the company, founded by businessman Jeff Bezos in Seattle, Washington, in 1994. "Now that it has several high-margin revenue streams, we're seeing those doubts subside". That's two $1 trillion businesses that started off in a garage. Amazon Web Services provides cloud computing services to companies and government, and its advertising division makes billions by selling ads to companies that want their products to show up when shoppers search on the site.

Bezos is also almost $70 billion richer than the second wealthiest person on the planet, Bill Gates - whose net worth has been around $98 billion lately. Bezos brought home an annual salary of $81,840 in 2017, according to regulatory filings.

Amazon shareholders have already had a extraordinarily good year.

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