Amazon joins $1 trillion club, on pace to overtake Apple

Lindsey Wasson  Reuters

Even with Amazon hitting the $1 trillion mark, Ben Barringer, an equity research analyst at Quilter Cheviot, said Amazon still has a long way to go - but say they, one day, could end up bigger then Apple.

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

Amazon has become the second company to be valued by Wall Street at $1tn, a matter of weeks after Apple beat the online retailer to reach the milestone first. Amazon shares hit $2,050.49 shortly before noon on Tuesday, bringing the company's value above $1 trillion before declining slightly.

Jeff Bezos, the founder and CEO - who is already the world's richest man - saw his personal fortune rise on Tuesday as well.

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According to the World's Billionaires list from Forbes, which tracks the net worth of billionaires in real time based on stock market fluctuations, Bezos added as much as $2 billion to his fortune on Tuesday morning, as Amazon's market cap topped $1 trillion. That milestone, just a month after it reached a $900 billion valuation threshold.

Amazon now trades up 74.0 percent for the year to date. This made it hard to determine the company's actual value.

Buying the Whole Foods grocery chain a year ago got Amazon established real world outlets while putting its delivery and retail smarts and systems to work in the brick-and-mortar world.

Investing in warehouses, trucking, drones, shipping and other distribution systems not only enables Amazon to drive down costs they position the company to compete with the likes of FedEx and UPS. Bezos, Amazon, and the Bezos owned Washington Post have become frequent targets of criticism from President Donald Trump.

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