Amazon becomes the 2nd USA company to join the $1 trillion club

Alicia Cross
September 5, 2018

That happened barely a month after Apple crossed that threshold. Multiplied by the number of shares outstanding (487,741,189), that puts the company's book value just over the same symbolic milestone that Apple hit less than one month ago.

However it was tech giant Apple that was named as the first publicly listed U.S. company to be valued at $1,000,000,000,000, on 2 August.

Amazon has impressed investors by diversifying into virtually every corner of the retail industry, altering how consumers buy products and putting big pressure on many brick-and-mortar stores. And its cloud computing services for companies have become a major driver of earnings and revenue.

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Even more telling is Amazon's size when compared to the entire national stock markets of other countries. "Amazon's cloud business is an extra growth driver that Apple doesn't have", said Daniel Morgan, portfolio manager at Synovus Trust in Atlanta who describes Amazon's cloud services as its "crown jewel".

American e-commerce giant Amazon on Tuesday became the second publicly traded company in history to be worth $1 trillion (Rs 68 lakh crore) after its share price reached an all-time high of $2,050.50, up about 2% since the previous close, The Guardian reported. Amazon went public at $18 a share in 1997 - on Tuesday those shares hit $2,050, pushing the value of the whole company over $1trn. The company's stock has surged more than 70 percent since January, outperforming Apple, which has gained more than 30 percent.

Amazon founder Jeff Bezos is the world's richest man, worth over $150 billion.

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