Amazon.com has became the second U.S. company to reach US $ 1 trillion in stock market value, just weeks after the mobile manufacturer Apple Inc. crossed the same milestone last month.
Amazon has been in operation for over 20 years. It started as an online book-store, and over the time, turned into a leading multi-brand retailer.
Notably, its shares listing touched US $ 2,050.50 before a slight dip took it to $ 2,039.51, to end the session, up by 1.3 per cent and just short of the milestone level of $ 2,050.2677. Reportedly, it is being said that if the American retailer manages to keep up its current pace of growth, it will soon take over Apple to become the largest company in the US.
The success is credited to its CEO Jeff Bezos, who according to the Forbes’ billionaires list, is currently the richest man in the world.
Amazon’s constantly increasing popularity has enabled it to forge partnerships with leading brands to retail their products on its marketplace, along with the newly formed brands, as they feel, listing their products on Amazon will yield them a better business.
Markedly, the American retailer went past the US $ 2,000 threshold for the first time on August 30, 2018, and registered a 100 per cent growth in less than a year’s time. Its shares first touched US $ 1,000 on October 27, 2017.