It's official: Amazon is the second American company to achieve a valuation of more than $1 trillion (R15,2 trillion). For context, the entire U.S. stock market - the sum of all publicly traded American companies including Amazon -hit $30 trillion back in January. Multiplied by the current number of shares outstanding - 487,741,189 - that puts the company's book value just over the same symbolic milestone that Apple hit less than one month ago.
For years, Amazon CEO Jeff Bezos was pilloried by Wall Street and the media for the e-commerce giant's habit of spending too much and earning too little.
The Seattle-based company has cemented customer loyalty through smart devices like Alexa and the Prime membership program that offers fast, free shipping as well as music and video streaming perks. Apple became the first trillion-dollar company early last month. It is now worth about $1.1 trillion. The share price has since dropped down, so the company was only valued at $1 trillion for a brief few minutes.
Amazon has revolutionized how people shop online and is the world's dominant internet retailer. And they first hit $1,000 on October 27, 2017.More news: John Millman punishes under-par Roger Federer in stunning US Open upset
More news: Papadopoulos: Trump 'nodded' at suggestion of Putin meeting
More news: Ivanka Trump attends McCain funeral after the president wasn't invited
Amazon's shares are up 75 percent from the beginning of the year.
'The difference between the two is that Amazon has room to grow within its two main businesses.
'We expect Amazon to continue doing well going forward, with the company having a proven ability to expand into new markets.