Economy

Amazon is 2nd USA company to reach $1 trillion market value

Amazon is 2nd USA company to reach $1 trillion market value

Apple took nearly 38 years as a public company to achieve the trillion dollar milestone, while Amazon got there in 21 years.

For years, Bezos was pilloried by Wall Street and the media for the e-commerce giant's habit of spending too much and earning too little.

Amazon's stock rose 1.7% on Tuesday, putting its market value at just over a trillion dollars.

Amazon shareholders have already had a extraordinarily good year. And its cloud computing services for companies have become a major driver of earnings and revenue.

Shares in the world's largest online retailer last traded up 1.4% at $2,041.68.

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's now a diversified global enterprise with more than $200 billion in annual sales and more than 575,000 employees.

More news: Halle Berry jokes about teenage Prince Harry's dorm room poster of her

The Seattle-based company has cemented customer loyalty through its Echo voice devices and the Prime membership program that offers fast, free shipping as well as music and video streaming perks.

"It wasn't that long ago that people were freaking out about Walmart, and Amazon basically stepped on Walmart", analyst Enderle said.

"The Amazon Washington Post has gone insane against me ever since they lost the Internet Tax Case in the U.S. Supreme Court two months ago", Trump tweeted in July.

This article was written by Abha Bhattarai, a reporter for The Washington Post.

Amazon's huge cloud computing segment powers systems for government clients, and contracts could be influenced by politics. The riches have largely come through his ownership of 16.3% of Amazon's outstanding stock.


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