Amazon becomes second $1 trillion company in US

Amazon becomes second $1 trillion company in US

Amazon's stock rose 1.7 per cent, putting its market value at just over US$1 trillion. Apple's stock price fluctuated in sync with Amazon's today, with a peak around 11:30 this morning and a trough about an hour later.

Amazon is the second USA company to reach a $1 trillion valuation, after Apple hit the milestone earlier this month. Its book value is greater than that of every stock market in all but 13 countries - even greater than those of Taiwan, Spain, and Italy - according to figures from the CIA's World Factbook (though several estimates are from 2015 or earlier). It needed to reach $2,050.27 to cross the trillion-dollar threshold, based on the count of 487,741,189 shares from Amazon's most recent quarterly report in July.

Amazon's shares are up 75 percent from the beginning of the year. Amazon Web Services provides cloud computing services to companies and government, and its advertising division makes billions by selling ads to companies that want their products to show up when shoppers search on the site.

More news: Cleveland Indians acquire former American League MVP Josh Donaldson

"The difference between the two is that Amazon has room to grow within its two main businesses".

Amazon is the second United States company to hit that mark, driven by its continued dominance in the retail world and its highly profitable cloud services business. The riches have largely come through his ownership of 16.3% of Amazon's outstanding stock. Bezos brought home an annual salary of $81,840 in 2017, according to regulatory filings.

Amazon shareholders have already had a extraordinarily good year. "We know there is much we can do better, and we find tremendous energy in the many challenges and opportunities that lie ahead".

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