Amazon has become the second company to have a market value of over $1 trillion.
Yesterday (4th September) share prices rose by 2% to peak at $2,050.50. However, at the time of writing, the price has fallen again leading the e-commerce giant to currently have a market cap of $995 billion.
In Q2 of 2018, Amazon reported profits of over $2.5 billion, which would have contributed to a rise in stock market value over the past couple of months.
Neil Saunders, managing director of GlobalData Retail, told the BBC: “To reach a market capitalisation of over $1tn is impressive. To do it in a little over 24 years is extraordinary.
“That Amazon has achieved this demonstrates its dramatic advancement in both the retail and technology sectors, as well as the influence it now wields over large parts of the consumer landscape.”
Amazon CEO Jeff Bezos is considered as the richest man in the world, with his net worth estimated as over $160 billion.
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