Amazon Won’t Be Second to Apple for Long

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Amazon Won’t Be Second to Apple for Long

Amazon.com Inc on Tuesday briefly joined Apple Inc to become the second $1 trillion (777.79 billion pounds) publicly listed us company after its stock price more than doubled in a year as it grew rapidly in retail and cloud computing.

Shares of Amazon's stock rose 1.9 percent Tuesday morning to $2,050.50 - 23 cents above the amount needed to bump Amazon over the $1 trillion line.

Just 10 months later, on August 30, Amazon shares hit $2,000 for the first time, just $50 per share away from giving the company a $1 trillion market value.

Amazon.com founder and CEO Jeff Bezos.

It surged past the trillion dollar mark this afternoon, prompting experts so say it could become even bigger than Apple. The combined value of both companies is equal to roughly 10 percent of US gross domestic product.

Interestingly, as The Verge points out, Amazon is only the third company internationally to hit a $1 trillion market cap.

But of that massive revenue, retail is slowly beginning to take a back seat to other higher-margin services.

Amazon, founded by Jeff Bezos as an online bookseller in 1994, has grown rapidly into one of the country's largest and most influential companies. Amazon Web Services, for instance, a unit that provides hosting and cloud computing for other businesses, brought in $20 billion of revenue in 2017.

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. The riches have largely come through his ownership of 16.3% of Amazon's outstanding stock.

"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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