Amazon reaches one trillion dollar market value
Amazon has reached one trillion dollar market value, joining global-giant Apple.
Amazon, being a 24-year-old company, has grown fast. According to CNN Money, “At the beginning of 2018, the company was worth just $580 billion.” Now Amazon is up there with the producer of the iPhone. In one morning, Amazon’s stock value rose by 1.9 percent, making Amazon the second U.S company to reach the value of one-trillion dollars.
Because of this accomplishment and how fast Amazon is growing, investors might invest more into Amazon. According to CNN Tech, “Amazon is already appealing to investors because it appears able to dominate any industry it enters through the power of the data it has on Prime members and its ability to get stuff from point A to point B extremely quickly.”
According to Bloomberg, “Amazon shares rose as much as 1.9 percent, pushing the company briefly beyond a market value of $1 trillion, a milestone Apple reached last month.” Amazon, though, is being closely followed by the likes of Google, and various social media companies like Facebook and Twitter.
Apple, however, was not the first company to reach one trillion, only the first U.S company to reach one trillion. According to USA Today, “The market capitalization of Chinese oil and gas company PetroChina briefly topped $1 trillion when the firm’s stock made its Asia trading debut in November 2007.”
Amazon was originally started in a garage by Jeff Bezos. According to Bloomberg, “Bezos founded the company in his Seattle garage as a small online book seller.” Jeff Bezos is now marked as the “wealthiest person.”