Amazon becomes the country's second $1 trillion company

Amazon’s shares have more than doubled in the last year as its online shopping empire has boomed
Credit
Kim Kyung Hoon  Reuters

Amazon - headed by founder Jeff Bezos, who has become the world's richest person on the back of the relentless rally in Amazon shares - hit the milestone just over a month after Apple became the first company to do so on August 2.

Amazon's shares are up 75 percent from the beginning of the year.

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

It began the day needing just over $18bn worth of net value to reach $1trn - a month after Apple won the race to be the first company with such a market capitalisation.

In context: Amazon temporarily hit a total market capitalization of $1 trillion today, after its stock prices shot past the the $2,050.27 valuation necessary to reach this milestone.

Bezos founded the company in his Seattle garage as a small online book seller.

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Amazon shareholders have already had a extraordinarily good year.

Investing in warehouses, trucking, drones, shipping and other distribution systems not only enables Amazon to drive down costs they position the company to compete with the likes of FedEx and UPS. Meanwhile, Amazon is reportedly beefing up its digital advertising business to better compete in an online ad market dominated by Google and Facebook.

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 wasn't that long ago that people were freaking out about Walmart, and Amazon basically stepped on Walmart", analyst Enderle said. Bezos, Amazon, and the Bezos owned Washington Post have become frequent targets of criticism from President Donald Trump.

Bezos' riches have largely come through his ownership of 16.3% of Amazon's outstanding stock.

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