Amazon Hits $1 Trillion

Amazon Hits $1 Trillion

Amazon's high-flying stock also further adds to the net work of his CEO Jeff Bezos, who is already considered the richest person on earth.

Just 10 months later, on August 30, Amazon shares hit $2,000 for the first time, just $50 per share away from giving the company a $1 trillion market value. The online retail behemoth's stock hit a new high of $2,049.50 per share around 11:30 a.m., Eastern time this morning, momentarily nudging its market cap over the trillion-dollar line.

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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.

For years, Bezos was pilloried by Wall Street and the media for the e-commerce giant's habit of spending too much and earning too little.

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Amazon and Apple are both worth about US$1 trillion. Amazon Web Services provides cloud computing services to companies and government, and Amazon's advertising division makes billions by selling ads to companies that want their products to show up when shoppers search on the site. Bezos' stake in Amazon and his other assets are estimated to be worth $166 billion, according to the Bloomberg Billionaires Index. The tech juggernaut isn't alone anymore, however, as Amazon has reached $1 trillion valuation.

"This year marks the 20th anniversary of our first shareholder letter, and our core values and approach remain unchanged", Bezos said in his 2017 letter to shareholders in March of this year.

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Amazon's stock has gained over 70% in 2018, according to CNBC. During that same period, the broad market benchmark S&P 500 rose 8 percent.

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