Amazon becomes nation's second public trillion-dollar company

Fredrick Soto
September 5, 2018

Amazon has become the second public company in history to record a $1 trillion valuation.

Shares in the e-commerce giant rose almost 2% to a high of $2,050.50 in morning trade before slipping back.

Apple took nearly 38 years as a public company to achieve the trillion dollar milestone, while Amazon got there in 21 years.

It crossed the line at 16:40 BST before falling back slightly. Apple's stock price fluctuated in sync with Amazon's today, with a peak around 11:30 this morning and a trough about an hour later.

Amazon.com founder and CEO Jeff Bezos on June 18, 2014 in Seattle, Washington. Amazon saw its quarterly profit soar past $2 billion for the first time earlier this year as the online shopping, cloud computing and advertising businesses all kept growing.

Amazon crossed the $2,000 threshold for the first time on August 30 after doubling its price in just 10 months. The company has more than 487.7 million outstanding shares, according to its most recent financial filing.

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

Amazon just became the second member of the trillion-dollar club.

Amazon, founded by Jeff Bezos as an online bookseller in 1994, has grown rapidly into one of the country's largest and most influential companies.

He added: "We continue to aspire to be Earth's most customer-centric company, and we recognize this to be no small or easy challenge".

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