Amazon has just become the second publicly listed company in the US to finally reach the USD$1 trillion stock market valuation on Tuesday, barely a month after Apple hit the same sweet spot for the first time ever in history.
Shares of the Jeff Bezos-led mega company hit at USD$2,050.49 noon on Tuesday to give its stock value that much needed a push to cross the $1 trillion valuation threshold, the report from CBS News said. The figures mellowed down a bit later that day around USD$2,039.51 per share.
The Seattle, Washington-based e-commerce company rather has a quite interesting market cap milestones. In September 1997, Amazon's worth reached $1 billion. The year after of the same month, its valuation has risen to $10 billion. More than a decade later, the firm climbed to $50 billion value which doubled by June 2012.
In October of last year, the bookseller has valued half a trillion dollars. July 2018 when the first round of speculations reached the global trading community hinting the possibility that Amazon might soon overtake the iPhone maker in the race for the $1 trillion value mark. As it turns out, the Cupertino-based tech giant went ahead first, only to be followed later by Bezos' brainchild.
Apple is currently worth USD$1.1 trillion and the figure is touted to increase even more in the weeks to come.
Humble Beginnings
Jeff Bezos founded the company on July 16, 1995, in the garage of his home in Bellevue, Washington, according to this report. After a few bouts done to decide what the firm should be called, were some of the suggestions included the name "Cadabra," Bezos settled for "Amazon" and launched it with the tagline that reads: "Earth's biggest bookstore."
It almost took a decade before Amazon begun to make serious money. It was only in 2002 when the company reported its first multi-million profit. Years have followed and Amazon evolved to become a major e-commerce website which now sells almost everything that one can think of.
Other than Internet retail services, Amazon's impressive portfolio has spanned through the years to include selling food products (Whole Foods Market), entertainment (Amazon Prime and Twitch, just to name a few), home-grown tech products, cloud infrastructure services, and even healthcare.
In a previous report from this site, it was found out that Amazon has tapped on the expertise of one of America's top cardiologists as the company makes its way into the healthcare industry.
