Amazon becomes second USA company to reach $1 trillion market value

Amazon CEO Jeff Bezos walks onstage for the launch of the new Amazon Fire Phone in Seattle. On Tuesday Sept. 4 2018 Amazon became the second publicly traded company to be worth $1 trillion hot on the heels

Following its new peak, Amazon's stock immediately began to tumble, coming to rest at $2,024.67 around 12:30 p.m. before regaining some value and stabilizing at about $2,040 per share. The company's valuation has been teasing around the $1 trillion for a little while now, though all of that wait finally finished once the share price hit $2050.50.

Amazon's $1 trillion has been coming for weeks.

Amazon.com on September 4 became the second US company to reach $1 trillion in stock market value, just weeks after Apple hit the same milestone on August 2.

One trillion is a hard number to imagine, regardless of what's being counted, and even less so when it's the value of a 24-year-old company with a plethora of business units in addition to its core retail focus.

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Apple took nearly 38 years as a public company to achieve the trillion dollar milestone, while Amazon got there in 21 years. "Now that it has several high-margin revenue streams, we're seeing those doubts subside".

Starting as a new way to sell books in the early years of the internet, Amazon has grown to an online behemoth and has changed the retail landscape across the world. For instance, Amazon Web Services, a unit that provides hosting and cloud computing for other businesses, brought in $20 billion in revenue in 2017.

The company's blowout success made its founder and chief executive Jeff Bezos number one on Forbes' billionaires list this year. The 54-year-old is now worth more than $166 billion (R2,5 trillion), according to Bloomberg's billionaires index on Tuesday. The company has more than 487.7 million outstanding shares, according to its most recent financial filing.

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