Amazon has become the second US company to hit the $1 trillion market cap. In doing so, the company joined electronics giant Apple, which achieved the same status in early August.
Amazon needed a stock price of $2,050.27 to pass the trillion-dollar mark, based on 487,741,189 shares from Amazon’s most recent quarterly report in July.
Amazon is the second US company to break that mark through the success of its e-commerce platform. However, Yahoo Finance has pointed out that the company’s stock is now trading at $2,024.64, which is below the $1 trillion threshold. While this may place Apple as the only company with the $1 trillion status for now, it doesn’t seem like Amazon will take much longer to regain that title.
A while ago, Apple become the first US company in the world to hit the $1 trillion market cap. In the world, it was the second company to reach that status, behind PetroChina’s oil and gas business. As of right now, Apple’s market cap sits at around $1.1 trillion.
Apart from being a platform for selling retail, Amazon is also known for opening up publishing avenues with Kindle e-books and CreateSpace. Besides that, it has worked on offering delivery and internet services with Amazon Prime and Amazon Web Services. The company has also delved into virtual assistants with Alexa.
(Source: CNET)
