Amazon joins Apple in $1 trillion club

Is Amazon a monopoly

Is Amazon a monopoly

Amazon has briefly become the second US-listed firm to have a market value of more than $1 trillion ($NZ1.53tn).

If the online retailer's shares keep up their recent pace, it would be a matter of when, not if, Amazon's stock market valuation eclipses that of iPhone maker Apple, which reached $1 trillion on August 2.

Of course, with only two companies ever having reached the $1 trillion mark, there's bound to be comparisons.

By October 2009 it had risen to $100 and the stock hit $1,000 for the first time on May 30, 2017.

Even more telling is Amazon's size when compared to the entire national stock markets of other countries.

Four killed in bus crash in US
According to the Greyhound's bus tracker , this bus made a quick stop in Tulsa, Oklahoma City, and Elk City just two days ago. It forced the closure of westbound lanes of the interstate and traffic was backing up as travellers were diverted.

Amazon boss Jeff Bezos is a very, very wealthy man.

For fiscal 2017, Amazon and its 560,000 employees around the world reported total sales of $177.87 billion, netting it an adjusted profit of $6.15 per share, according to the company's annual report. "Now that it has several high-margin revenue streams, we're seeing those doubts subside".

At the close of the stock market on Friday, Jeff Bezos's net worth was estimated at $166 billion by the other major billionaire wealth tracker, the Bloomberg Billionaires Index. Amazon Web Services provides cloud computing services to companies and government, and its advertising division makes billions by selling ads to companies that want their products to show up when shoppers search on the site. The riches have largely come through his ownership of 16.3% of Amazon's outstanding stock.

Amazon shareholders have already had a extraordinarily good year.

He added: "We continue to aspire to be Earth's most customer-centric company, and we recognize this to be no small or easy challenge".

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