Amazon becomes the 2nd U.S. company to join the $1 trillion club

Is Amazon a monopoly

Amazon has become the second us public company to cross the $1 trillion valuation threshold this year.

The company's stock, as reported by CNBC, cruised past $2,050.27 per share, which was the bare minimum valuation Amazon needed to achieve a $1 trillion market cap.

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.

Amazon.com founder and CEO Jeff Bezos.

Later on Tuesday, Amazon's market value dipped below the trillion-dollar mark again.




Amazon and Apple are now worth more than the economies of countries such as Turkey and Switzerland. And even less so when it's the value of a 24-year-old company with a plethora of business units in addition to its core retail focus.

Founded in 1994, Amazon is now the world's largest online retailer.

But of that massive revenue, retail is slowly beginning to take a back seat to other higher-margin services. Amazon Web Services provides cloud computing services to companies and government, and Amazon's advertising division makes billions by selling ads to companies that want their products to show up when shoppers search on the site. That's two $1 trillion businesses that started off in a garage.

Bezos is also almost $70 billion richer than the second wealthiest person on the planet, Bill Gates - whose net worth has been around $98 billion lately.

"This year marks the 20th anniversary of our first shareholder letter, and our core values and approach remain unchanged", Bezos said in his 2017 letter to shareholders in March of this year.

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