Following Apple, Amazon has become the second US company to reach $1 trillion in the market value after its stock price doubled in 15 months.
On Tuesday, a rise in the share price of Amazon, which is listed on the Nasdaq stock exchange in the US, briefly took it above the trillion-dollar watermark for the first time. The shares climbed 1.9% in midday trading, briefly topping the $2,050.27 to push the company’s value above $1 trillion. The stock, which was recently up 0.9%, has surged 75% in 2018 and added more than $435 billion to the company’s market capitalisation.
Apple took almost 38 years as a public company to achieve the trillion dollar milestone earlier on August 2, while Amazon got there in just 21 years. Amazon has impressed investors by successfully diversifying its business into virtually every corner from retail to groceries, to video streaming, helping it rack up revenues of $178bn last year.
According to Forbes, founder and CEO of Amazon Jeff Bezos has become the world’s richest man in the process, with a net worth estimated at more than $167bn.