Amazon Inc. joined Apple Inc. in the small list of U.S. company to reach $1 trillion in market value. This change very much reflects the online retailer’s striking transformation from a profitless bookseller into a disruptive force of commerce.
Amazon’s shares hit 1.9% in midday trading on Tuesday, topping the $2050.2677 required to push the company’s value above $1 trillion.
It is also worth knowing that they crossed the $2,000 threshold for the first time on Aug. 30 after doubling their price in just 10 months.
If the E-commerce platform shares keep up its recent pace, it would only be a matter of when before their stock market valuation eclipses Apple, which reached $1 trillion on Aug. 2.
See Also: Apple Breaks Stock Market Valuation, Hits $1 Trillion
Amazon achieved $1trillion milestone in just 21 years while it took Apple almost 38 years as a public company to achieve the trillion-dollar milestone.
Over the years, they have impressed investors by diversifying into virtually every corner of the retail industry, altering the way consumers buy products and also, putting big pressure on many brick-and-mortar stores.
Not only that, they also provide video streaming services, bought upscale supermarket Whole Foods and a cloud computing service for companies which is also main profit driver.
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