Amazon takes on Apple, reaching $1 trillion milestone

Amazon briefly became the second $1trillion publicly listed US company, after more than doubling its stock prices.


The online retailer’s shares traded as high as $2,050 at its peak, jumping 1.9% just short of the breakthrough level of $2,050.2677.

However reaching the milestone was short lived, Amazon's market value dropped back to $US994.8 billion, just missing out on being the second trillion dollar companyin the US, following in the path of technology giant Apple.

Amazon is still ahead of Apple in some aspects, it took a record 21 years for the company to reach the milestone, while it took Apple 38 years to become the first publicly listed trillion dollar company in the US.

Amazon’s stock is up 74.5 % year to date. In comparison, Apple has risen about 35% in 2018.

Amazon, was founded by its chief executive Jeff Bezos, starting out in 1994 as a bookseller before expanding to become one of the world's largest internet retailers, now employing more than 500,000 staff.

The retail giant started trading in 1997 at $1.50 on a split-adjusted basis. It has now quickly diversified into most areas of the retail industry, changing how consumers buy products and putting big pressure on traditional retail companies while shaking up the retail industry.

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