Economy

Amazon Won’t Be Second to Apple for Long

Amazon Won’t Be Second to Apple for Long”

It's official: Amazon is the second American company to achieve a valuation of more than $1 trillion (R15,2 trillion).

Inc. shares rose as much as 1.9%, pushing the company briefly beyond a market value of $1 trillion, a milestone Apple Inc. reached last month.

Amazon has become the second publicly traded company to be worth $US1 trillion, hot on the heels of Apple.

As soon as one company has reached that $1 trillion mark, you know it won't be long until another follows in suit - only weeks after it happened for Apple, Amazon has joined the ranks in the "trillion-dollar club".

Amazon's financial and business successes even pushed the founder and CEO, Jeff Bezos, right to the top of Forbes' billionaires list this year. It is now worth about $1.1 trillion.

The stock gained 2% to hit the magic number of $2,050.27, or R31,356, per share on Tuesday.

The Seattle e-commerce company's share price was $2,049.50 at 11:35 a.m.

Last month, Apple became the first United States company to become a $1 trillion company. More than 40 percent said they buy something on Amazon once a month or more often. The combined value of both companies is equal to roughly 10 percent of USA gross domestic product.

Amazon has revolutionized how people shop online and is the world's dominant internet retailer.

'We expect Amazon to continue doing well going forward, with the company having a proven ability to expand into new markets.



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