It's official: Amazon is the second United States company to achieve a valuation of more than $1 trillion.
If the online retailer's shares keep up their recent pace, it would be a matter of when, not if, Amazon's stock market valuation eclipses that of iPhone maker Apple, which reached $1 trillion on August 2.
For graphic on Amazon vs Apple, click https://reut.rs/2PwtdRg Amazon also provides video streaming services and bought upscale supermarket Whole Foods.
That may sound like a huge sum separating the two, but Amazon could actually surpass the iPhone maker in short order ー the stock's 74 percent gain this year is more than double that of Apple, and if shares of both companies keep the same pace, Amazon could close the gap by the end of the year.
Jeff Bezos, the founder and CEO - who is already the world's richest man - saw his personal fortune rise on Tuesday as well. It has held above that level since October 27, 2017.
Inc on Tuesday became the second United States company to reach $1 trillion in stock market value, just weeks after Apple Inc hit the same milestone on August 2.
The milestone is another sign of Amazon's swift rise from an online bookseller to a behemoth that sells toilet paper, TVs and just about anything.
Amazon's stock has increased nearly 600 percent in the last five years, including a more than 70 percent surge so far in 2018 alone. Amazon shares were last up 1.1 per cent at $2,035.69, pulling back slightly from the milestone level of $2050.2677.