Online shopping giant company Amazon.com on Tuesday became the second US company after Apple to reached 1 trillion US dollar milestone in stock market value, according to sources.
Amazon shares traded at $ 2,050.27 on Tuesday afternoon, which gave the world’s dominant online retailer’s market valuation over $ one trillion, said sources.
Apple topped the world’s $ one trillion mark early this August.
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The Seattle-based company which started as selling books online, has over the years cemented customers’ loyalty through its services like echo voice devices Alexa and the Prime membership program, that offers fast and free shipping as well as music and video streaming perks.
From a profitless bookseller to a disruptive force of commerce, Amazon joined the trillion-dollar club in just 21 years, whereas it took Apple 38 years, sources said.
Meanwhile, Amazon founder and CEO Jeff Bezos, who also owns The Washington Post, a top American daily, was recently named this year’s world’s no. one on Forbes’ billionaires list.
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According to reports, Amazon has also emerged one of the major FDI investors in India in the past few years.
This year alone, Amazon stocks have jumped 75 per cent adding $ 435 billion to its market capitalization. This is combined market capitalization of America’s top three retail stores - Walmart, Costco and Target.
The Wall Street Journal said investors rewarded Amazon because of it demonstrating better financial discipline in recent quarters.
(With PTI inputs)