Amazon Becomes Second Company To Hit $1 Trillion After Apple

Amazon Becomes Second Company To Hit $1 Trillion After Apple

It's an accomplishment for Chief Executive Officer Jeff Bezos, who is the world's wealthiest person.

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.

Amazon is the second corporation to exceed $1 trillion in value after Apple, which crossed the threshold on August 2.

Shares of the e-commerce giant gained about 2% in trading on Tuesday to hit an all-time high of $2,050.27. Amazon's stock is up almost 70 percent this year as USA tech stocks continue to reach record highs.

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Amazon briefly exceeded $1 trillion in value Tuesday amid growing criticism from President TrumpDonald John TrumpBrennan defends Kaepernick: He didn't kneel "to disrespect our flag" Trump warns Syria against attack on rebel stronghold: "Don't let that happen" Omarosa celebrates second week on bestsellers list despite "hit-pieces" from Trump allies MORE, becoming the second corporation to ever pass that threshold.

Shares in the world's largest online retailer last traded up 1.4% at $2,041.68.

Amazon.com Inc on Tuesday joined Apple Inc to become the second $1 trillion (0.78 trillion pounds) publicly listed USA company after its stock price more than doubled in a year as it grew rapidly in retail and cloud computing. It first reached $100 on October 23, 2009.

Ben Barringer, an equity research analyst at Quilter Cheviot, said Amazon still has a long to way go, which means it could end up bigger then Apple.

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As of writing, Amazon's market cap is sitting pretty at $994.75 billion; it's nearly a certainty that the company's valuation will top $1 trillion again relatively soon.

Here's the breakdown of how Morgan Stanley - one of the stock's most bullish sell-side shops - sees Amazon's five main units in terms of value.

'The company continues to experiment with new products and push into new geographies. Although it is well established in the U.S. and United Kingdom, it has huge scope to grow in the rest of Europe and Asia, especially India.

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