Amazon becomes second trillion-dollar company in U.S.

Amazon’s shares have more than doubled in the last year as its online shopping empire has boomed
Credit
Kim Kyung Hoon  Reuters

Amazon’s shares have more than doubled in the last year as its online shopping empire has boomed Credit Kim Kyung Hoon Reuters

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 president told Fox News last week that Amazon and fellow tech giants Google and Facebook could be in a "very antitrust situation", but declined to say whether they should be dismantled. That milestone, just a month after it reached a $900 billion valuation threshold.

Its shares then hit the $2050.2677 level to give its stock a value of $1 trillion.

Apple Inc. may have gotten there first, but Amazon.com's rapid ascent to a $1 trillion market value should put the iPhone maker on notice that its days as the world's most valuable company are numbered. Amazon stock has doubled in price over the past year, eclipsing the $2,000 mark on August 30. And its cloud computing services for companies have become a major driver of earnings and revenue.

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

One of Amazon's revenue drivers is its Prime subscription service which offers streaming video and music, free delivery and other perks and which has more than 100 million members worldwide.

Critics of the company include US President Donald Trump, who has expressed ire at the Bezos-owned Washington Post newspaper that has published stories the president didn't like. The riches have largely come through his ownership of 16.3% of Amazon's outstanding stock. The Post has said that Bezos plays no role in editorial decisions.

Latest News