Amazon market value tops $1tn


Amazon is the second publicly traded USA company to hit $1 trillion, following Apple, which crossed the $1 trillion market cap in August.

Amazon's shares are up 75 percent from the beginning of the year. Apple became the first trillion-dollar company early last month.

If the online retailer's share price continues at its recent pace, it will be a matter of when, not if, Amazon's market valuation eclipses that of iPhone maker Apple, which reached $1 trillion on August 2.

He owns over 16 per cent of Amazon which he founded in a garage in Seattle in 1994. Meanwhile, Amazon is reportedly beefing up its digital advertising business to better compete in an online ad market dominated by Google and Facebook.

The company's blowout success has made its founder and CEO, Jeff Bezos, No. 1 on 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.

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"What Amazon means is disruption and people don't like to be disrupted".

"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.

While his skills could be advantageous in the content-oriented business, getting into news comes with the risk of displeasing politicians. The Post has said that Bezos plays no role in editorial decisions.

Amazon's huge cloud computing segment powers systems for government clients, and contracts could be influenced by politics.

Even with Amazon hitting the $1 trillion mark, Ben Barringer, an equity research analyst at Quilter Cheviot, said Amazon still has a long way to go - but say they, one day, could end up bigger then Apple.