Amazon.com on September 4 became the second U.S. company to reach $1 trillion in stock market value, just weeks after Apple hit the same milestone on August 2.
Shares in the world’s largest online retailer last traded up 1.4% at $2,041.68. Its shares hit the $2050.2677 level to give its stock a value of $1 trillion.
Amazon crossed the $2,000 threshold for the first time on August 30 after doubling its price in just 10 months. Amazon shares first hit $1,000 on October 27, 2017. It first reached $100 on October 23, 2009.
Amazon has revolutionised how people shop online and is the world’s dominant Internet retailer. 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.
The company’s blowout success made its founder and CEO, Jeff Bezos, No. 1 on Forbes’ billionaires list.
The Seattle-based company has cemented customer loyalty through smart devices like Alexa and the Prime membership program that offers fast, free shipping as well as music and video streaming perks.
