Amazon Becomes Second Company To Hit $1 Trillion After Apple

Amazon Becomes Second Company To Hit $1 Trillion After Apple

Amazon.com Inc on Tuesday briefly joined Apple Inc to become the second $1 trillion (777.79 billion pounds) publicly listed us company after its stock price more than doubled in a year as it grew rapidly in retail and cloud computing.

Shares of the e-commerce giant gained about 2% in trading on Tuesday to hit an all-time high of $2,050.27.

It crossed the line at 16:40 BST before falling back slightly.

Amazon.com founder and CEO Jeff Bezos.

Amazon's stock rose 1.7 per cent overnight, putting its market value at just over $US1 trillion ($A1.4 trillion). This made it hard to determine the company's actual value.

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"Amazon's a little bit more dynamic than Apple because the iPhone has become more mature". It's book value is now greater than that of every stock listed in all but 13 countries, including those of Taiwan, Spain, and Italy, according to the CIA's World Factbook.

Now, Amazon has followed in Apple's footsteps - the online retail giant successfully snagged the trillion-dollar company title for itself today, albeit temporarily. 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.

Bezos is now worth over $165 billion, well ahead of runner-up Bill Gates, whose wealth clocks in at just over $98 billion, according to Bloomberg.

Amazon shareholders have already had a extraordinarily good year.

He added: "We continue to aspire to be Earth's most customer-centric company, and we recognize this to be no small or easy challenge".

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