Amazon has briefly become the second US-listed firm to have a market value of more than $1 trillion (£779bn). Shares in the e-commerce giant rose nearly 2% to a high of $2,050.50 in morning trade before slipping back.
Apple reached the same milestone in early August. Founded in 1994, Amazon is now the world’s largest online retailer. Its chief executive, Jeff Bezos, is the world’s richest man, with a net worth of more than $160bn.
Neil Saunders, managing director of GlobalData Retail, said: “To reach a market capitalisation of over $1tn is impressive. To do it in a little over 24 years is extraordinary.
Like a pesky younger sibling, Amazon might be second to the symbolic trillion-dollar milestone – but when it comes to its rivalry with Apple, it’s been quicker to hit nearly every hundred-billion dollar valuation hurdle.
For instance, it took Amazon just 16 days, compared to Apple’s 622 days, to go from a market value of $600bn to $700bn, according to the Wall Street Journal.
The firm is expected to account for roughly half of all online shopping sales in the US this year – and nearly 5% of the country’s overall retail market, according to research firm eMarketer.
It employs more than 575,000 people, a force nearly the size of Luxembourg’s population. It provides logistics, storage, loans and a selling platform to hundreds of thousands of third-party merchants.