Amazon market value tops $1tn

Jeff Bezos CEO and founder of Amazon is illuminated by a display screen at the introduction of the new Amazon Kindle Fire HD and Kindle Paperwhite in Santa Monica Calif. On Tuesday Sept. 4 2018 Amazon became

It surged past the trillion dollar mark this afternoon, prompting experts so say it could become even bigger than Apple.

Amazon - founded as an online book-retailer in Chief Executive Jeff Bezos' garage in 1994 - started trading on May 15 1997 at $1.50 on a split-adjusted basis.

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.

In just two decades, the company expanded far beyond its bookseller beginnings - they've managed to combine a world-wide retail operation with a less showy, but clearly, incredibly profitable advertising and cloud software businesses.

The Seattle-based company has cemented customer loyalty through its Echo voice devices and the Prime membership programme that offers fast, free shipping as well as music and video streaming perks. That happened barely a month after Apple crossed that threshold.

He said: "Amazon has now become the second company to reach a trillion dollar valuation, following Apple in August this year".

Amazon retreated slightly after hitting the milestone, and near 1545, it was up 1.3 percent to $2,038.71. It first reached $100 on October 23, 2009.

Apple took nearly 38 years as a public company to achieve the trillion dollar milestone, while Amazon got there in 21 years. The combined value of both companies is equal to roughly 10 percent of US gross domestic product. The share price has since dropped down, so the company was only valued at $1 trillion for a brief few minutes.



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