Wednesday, 26 September, 2018

Amazon Won’t Be Second to Apple for Long

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Lindsey Cook | 05 September, 2018, 12:08

The company's stock gained 2 percent on Tuesday, hitting $2,050.27 per share.

Amazon - headed by founder Jeff Bezos, who has become the world's richest person on the back of the relentless rally in Amazon shares - hit the milestone just over a month after Apple became the first company to do so on August 2.

In two decades the company expanded far beyond its bookseller beginnings, combining its world-spanning retail operation with less flashy but very profitable advertising and cloud computing businesses.

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

Amazon retreated slightly after hitting the milestone, and near 1545, it was up 1.3 percent to $2,038.71.

Amazon's financial and business successes even pushed the founder and CEO, Jeff Bezos, right to the top of Forbes' billionaires list this year.

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On Monday a rise in the share price of Amazon, which is listed on the Nasdaq stock exchange in the USA, briefly took it above the trillion-dollar watermark for the first time with the company's value hovering clse to.

The tech juggernaut isn't alone anymore, however, as Amazon has reached $1 trillion valuation. The company's valuation has been teasing around the $1 trillion for a little while now, though all of that wait finally finished once the share price hit $2050.50.

The Seattle e-commerce company's share price was $2,049.50 at 11:35 a.m.

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.

"The company continues to experiment with new products and push into new geographies".

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