Published: Wed, September 05, 2018
Business | By Eloise Houston

Amazon becomes nation's second public trillion-dollar company

Amazon becomes nation's second public trillion-dollar company

On August 2, Apple became the first USA company to reach a total market capitalization of $1 trillion. 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.

On Monday a rise in the share price of Amazon, which is listed on the Nasdaq stock exchange in the USA, briefly took it above the trillion-dollar watermark for the first time with the company's value hovering clse to.

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

"Amazon CEO Jeff Bezos holds up the new Kindle Fire HD 7" and Kindle Fire HD 8.9" (L) during Amazon's Kindle Fire event in Santa Monica, California September 6, 2012.

Market watchers have been expecting both Amazon and Apple to eventually have valuations topping $1 trillion. 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). Most notable was the speed with which Amazon hit the milestone, with its shares having more than tripled in the past three years. It is now worth about $1.1 trillion. For instance, Amazon Web Services, a unit that provides hosting and cloud computing for other businesses, brought in $20 billion in revenue in 2017.

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.

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