Amazon briefly crosses US$1 trillion threshold
SAN FRANCISCO As Amazon became the second US company to hit a trillion-dollar value on the stock market, founder Jeff Bezos regained the crown as the richest person on the planet.
Amazon's share price has climbed during the year, lifting the personal wealth of the company's 54-year-old founder with it. Forbes estimated his net worth to be US$166 billion (S$229 billion).
Amazon on Tuesday briefly joined Apple to become the second US$1 trillion publicly listed US company after its stock price more than doubled in a year as it grew rapidly in retail and cloud computing.
Its shares traded as high as US$2,050.50 before easing a little to end the session at US$2,039.51, up 1.3 per cent.
If the 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 US$1 trillion on Aug 2.
Apple took almost 38 years as a public company to achieve the trillion dollar milestone, while Amazon got there in 21.
Amazon has impressed investors by diversifying into virtually every corner of the retail industry, altering how consumers buy products and putting big pressure on many brick-and-mortar stores.
Amazon also provides video streaming services and bought upscale supermarket Whole Foods. And its cloud computing services for companies have become its main profit driver. - AFP, REUTERS
Get The New Paper on your phone with the free TNP app. Download from the Apple App Store or Google Play Store now
