Just a few weeks after Apple became the world's $1 trillion company, Amazon became the second to reach the historic marker: On Tuesday, as Amazon stock inched higher, the company's market capitalization briefly rose over $1 trillion. On Tuesday morning, the stock climbed enough to push the company's valuation pass the $1 trillion mark, although it dropped back slightly after that.
As of writing, Amazon's market cap is sitting pretty at $994.75 billion; it's nearly a certainty that the company's valuation will top $1 trillion again relatively soon. Amazon shares first hit $1,000 on October 27, 2017. Wall Street has grown very enthusiastic about Amazon's other businesses.
Amazon's shares debuted at $18 on May 15, 1997. "Now that it has several high-margin revenue streams, we're seeing those doubts subside".More news: Lindsey Graham faults Jeff Sessions for "zero-tolerance" policy
Its growth has boosted the fortunes of its founder and chief executive officer, Jeff Bezos.
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. The riches have largely come through his ownership of 16.3% of Amazon's outstanding stock.
"This year marks the 20th anniversary of our first shareholder letter, and our core values and approach remain unchanged", Bezos said in his 2017 letter to shareholders in March of this year. "We know there is much we can do better, and we find tremendous energy in the many challenges and opportunities that lie ahead".