Amazon joins Apple in the trillion-dollar club

Amazon joins Apple in the trillion-dollar club

Amazon joins Apple in the trillion-dollar club

Amazon's market valuation in recent weeks pulled ahead of two other tech giants - Google's parent company, Alphabet, and Microsoft - to hit the $1 trillion mark. 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.

Just 10 months later, on August 30, Amazon shares hit $2,000 for the first time, just $50 per share away from giving the company a $1 trillion market value.

It crossed the line at 16:40 BST before falling back slightly. founder and CEO Jeff Bezos on June 18, 2014 in Seattle, Washington.

This temporary achievement plants Amazon firmly among the ranks of Apple and PetroChina, the only other global companies who have performed the same feat.

Amazon and Apple are now worth more than the economies of countries such as Turkey and Switzerland.

Amazon is the second United States company to hit that mark, driven by its continued dominance in the retail world and its highly profitable cloud services business. 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. Most notable was the speed with which Amazon hit the milestone, with its shares having more than tripled in the past three years. "Now that it has several high-margin revenue streams, we're seeing those doubts subside". Bezos brought home an annual salary of $81,840 in 2017, according to regulatory filings.

"We continue to aspire to be Earth's most customer-centric company, and we recognize this to be no small or easy challenge".

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