Amazon hits $1 trillion market value milestone

Ivan Schwartz
September 5, 2018

Its stock surged during morning trading on the Nasdaq, reaching the milestone when its share price hit $2,050.50 per share.

Amazon‚ which employs almost half a million people‚ started out as an online alternative to bookshops‚ but has since expanded into selling household goods‚ tech and even groceries in certain large United States cities. For example, you can expect to see Amazon commercials during NFL Thursday Night Football this season, as well as ads on video game streaming service Twitch, which the company acquired in 2014.

As soon as one company has reached that $1 trillion mark, you know it won't be long until another follows in suit - only weeks after it happened for Apple, Amazon has joined the ranks in the "trillion-dollar club".

Amazon and Apple are now worth more than the economies of countries such as Turkey and Switzerland.

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Amazon follows Apple to $1trn market value in tech share surge
Amazon went public at $18 a share in 1997 - on Tuesday those shares hit $2,050, pushing the value of the whole company over $1trn. The Seattle-based company's stock has grown over 70 percent year-to-date, and has gained over 3,000 percent in the past decade.

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"It says a lot about Amazon and its ever-increasing dominance of segments of the retailing world as well as the web services business", said Peter Tuz, President Of Chase Investment Counsel In Charlottesville, Virginia.

The company's stock, as reported by CNBC, cruised past $2,050.27 per share, which was the bare minimum valuation Amazon needed to achieve a $1 trillion market cap. The riches have largely come through his ownership of 16.3% of Amazon's outstanding stock.

The company's blowout success has made its founder and CEO, Jeff Bezos, No. 1 on Forbes' billionaires list this year. It has held above that level since October 27, 2017.

For graphic on Analyst Price Targets, click https://reut.rs/2NHwHQq The stock is up 74.5 percent year to date. In comparison, Apple has risen about34.7 percent year to date. Amazon had $178 billion in revenues a year ago and made $2 billion in profit in its most recent quarter.

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