Amazon on Tuesday became the second publicly traded company to reach $1 trillion in market value, hot on the heels of iPhone maker Apple.
Its growth has boosted the fortunes of its founder and CEO, JeffBezos. His 16 percent stake in Amazon is now worth more than $160 billion. Forbes magazine placed him at the top of its list of billionaires for the first time this year, surpassing Microsoft co-founder Bill Gates and investor Warren Buffett.
Amazon’s stock has increased almost 600 percent in the last five years, including a more than 70 percent surge so far in 2018 alone. 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. The stock closed at $2,039.51 Tuesday, about $11 short of keeping its valuation above $1 trillion.
Apple topped the $1 trillion mark in early August. Saudi Arabia’s national energy company, Aramco, is widely believed to be worth much more than either Amazon or Apple.
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