Amazon follows Apple to $1trn market value in tech share surge

Amazon’s shares have more than doubled in the last year as its online shopping empire has boomed
Credit
Kim Kyung Hoon  Reuters

Amazon touched a market value of $1 trillion Tuesday, becoming just the second publicly traded company to reach the milestone.

The online retail giant eclipsed the $1-trillion mark Tuesday morning when the price of one of its 487,741,189 shares rose to $2050.27, according to CNBC.

Apple Inc. may have gotten there first, but Amazon.com's rapid ascent to a $1 trillion market value should put the iPhone maker on notice that its days as the world's most valuable company are numbered.

It crossed the line at 16:40 BST before falling back slightly. Bezos, Amazon, and the Bezos owned Washington Post have become frequent targets of criticism from President Donald Trump.

Even more telling is Amazon's size when compared to the entire national stock markets of other countries. In 2007, PetroChina Company's market cap surpassed the $1-trillion mark though the Chinese company's complex structure ensured that most of the shares stayed with the government, The Wall Street Journal reported.

It's an accomplishment for Chief Executive Officer Jeff Bezos, who is the world's wealthiest person. Amazon Web Services, for instance, a unit that provides hosting and cloud computing for other businesses, brought in $20 billion of revenue in 2017. The Cupertino-based iPhone-maker is now worth about $1.1 trillion. The 54-year-old is now worth more than $166 billion, according to Bloomberg's billionaires index on Tuesday.

"The company continues to experiment with new products and push into new geographies".

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