Amazon Reaches $1 Trillion Market Value
Amazon is rolling in the money, quite literally. They’ve become the second publicly traded company to be worth $1 trillion. Yes, that’s trillion with a “T”!
The online retail company that sells just about anything you would ever need, hit an all-time high of $2,050.50 in shares this morning. This pushes its market cap past the insane amount of $ 1 trillion, before the stock settled lower at $2,035.54, in afternoon trading. It may all sound a little complicated, especially when it comes to the stock market, but to make things a little clearer, Amazon is worth money — a lot of money.
As mentioned, it is the second company to surpass the trillion mark, following the footsteps of none other than Apple, which hit a $1 trillion market cap this past month. However, if you can believe it or not, it took Amazon a lot less time than Apple to pass the trillion threshold. According to the Wall Street Journal, Amazon’s market cap jumped from $600 billion to $1 trillion in 165 trading days, which is not a lot in the world of stocks and shares.
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If we were to compare Apple to Amazon, the tech company went from $900 billion valuations to $1 trillion in 183 trading days, having Amazon reach the trillion mark 18 trading days sooner. Technology analyst Rob Enderle commented on the news saying: “It’s funny comparing Apple and Amazon because they are very different companies. Apple is basically a one product company nowadays; Amazon is anything but.”
Although he does make a good point, it’s worth mentioning that Apple was founded much before Amazon was. However, in Apple’s defense, the online empire also includes a “global e-commerce operation, cloud computing, artificial intelligence, streaming television, groceries and more,” whereas Apple makes most of its money from iPhones.
Amazon, which was founded in 1994, by founder and CEO Jeff Bezos, is a success story unlike any other. They first began as an online bookseller to a $1 trillion company that has topped the Forbes billionaires list of this year. From beauty, tech, music, books, household items, Amazon has it all!
They have easily revolutionized the way we shop online and has become one of the world’s most dominant Internet retailers to date. If anyone deserves this level of success, we’re not mad it’s Amazon.
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