Amazon becomes second company to hit $1 trillion value

Lindsey Wasson  Reuters

Its shares hit the $2050.2677 level to give its stock a value of $1 trillion.

The online retail giant breached the $1 trillion valuation near 1540 GMT when it's share price hit $2,050.50. Apple became the first $1 trillion company last month.

Amazon follows Apple, which reached the mark earlier this year.

Amazon is the second publicly traded USA company to hit $1 trillion, following Apple, which crossed the $1 trillion market cap in August.

GlobalData Retail managing director Neil Saunders called Amazon's valuation achievement "extraordinary" and considered it a sign of the company's potential.

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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The Seattle-based company has cemented customer loyalty through smart devices like Alexa and the Prime membership program that offers fast, free shipping as well as music and video streaming perks.

If the online retailer's shares keep up their recent pace, it would be a matter of when, not if, Amazon's stock market valuation eclipses that of iPhone maker Apple, which reached $1 trillion on August 2.

Amazon's share prices slightly receded after hitting the milestone, trading for $2036.95 at the time of writing. At $2,050.27 its shares are up around 136,584% since its IPO.

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

Amazon is the second USA company to hit that mark, driven by its continued dominance in the retail world and its highly profitable cloud services business.

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

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