Amazon on Tuesday became the second publicly traded company to reach $1 trillion in market value, hot on the heels of iPhone maker Apple.
The milestone is another sign of Amazon’s swift rise from an online bookseller to a behemoth that sells toilet paper, TVs and just about anything. In its two decades, Amazon has expanded far beyond online shopping and into health care, advertising and cloud computing.
Its growth has boosted the fortunes of its founder and CEO, Jeff Bezos. 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.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
AUSTRALIAN STATES BACK NATIONAL PLAN TO BAN CHILDREN YOUNGER THAN 16 FROM SOCIAL MEDIA
Australia’s states and territories unanimously backed a national plan to require most forms of social media to bar children younger than 16.
FACEBOOK AND INSTAGRAM USERS IN EUROPE CAN OPT FOR LESS PERSONALIZED ADS
Facebook and Instagram users in Europe will get the option to see less personalized ads if they don’t want to pay for an ad-free subscription, social media company Meta said Tuesday, bowing to pressure from Brussels over privacy and digital competition concerns.
IN THIS FLORIDA SCHOOL DISTRICT, SOME PARENTS ARE PUSHING BACK AGAINST A CELLPHONE BAN
It’s no surprise that students are pushing back on cellphone bans in classrooms. But school administrators in one South Florida county working to pull students’ eyes away from their screens are facing some resistance from another group as well – parents.
'SATURDAY NIGHT LIVE' TO TRUMP: 'WE'VE BEEN WITH YOU ALL ALONG'
The first “Saturday Night Live” since Donald Trump’s election victory began with the most somber of tones as a group of plainly dressed cast members, primarily women and minorities, described their new reality.
DIAMOND SPORTS GROUP WILL OFFER SINGLE-GAME PRICING TO STREAM NBA AND NHL GAMES STARTING NEXT MONTH
The nation’s largest owner of regional sports networks will offer single-game pricing for NBA and NHL games beginning next month.
ON THE EVE OF OSCARS HONOR, JAMES BOND PRODUCERS REFLECT ON LEGACY AND FUTURE OF 007
For the late James Bond producer Albert “Cuddy” Broccoli, receiving the Irving G. Thalberg Memorial Award was a true high point in his career.
WAYMO'S ROBOTAXIS NOW OPEN TO ANYONE WHO WANTS A DRIVERLESS RIDE IN LOS ANGELES
Waymo this week opened its robotaxi service to anyone who wants a ride around Los Angeles, marking another milestone in the evolution of self-driving car technology since the company began as a secret project at Google 15 years ago.
US AGENCY SAYS TESLA'S PUBLIC STATEMENTS IMPLY THAT ITS VEHICLES CAN DRIVE THEMSELVES. THEY CAN'T
The U.S. government’s highway safety agency says Tesla is telling drivers in public statements that its vehicles can drive themselves, conflicting with owners manuals and briefings with the agency saying the electric vehicles need human supervision.
STELLANTIS RECALLS JEEP AND DODGE SUVS TO FIX COMPUTER PROBLEM THAT CAN DISABLE BRAKE SAFETY DEVICES
Stellantis is recalling about 207,000 Jeep and Dodge SUVs in the U.S. to fix a computer problem that can disable the anti-lock brakes and electronic stability control safety features.
VATICAN, MICROSOFT CREATE AI-GENERATED ST. PETER'S BASILICA TO ALLOW VIRTUAL VISITS, LOG DAMAGE
The Vatican and Microsoft this week unveiled a digital twin of St. Peter’s Basilica that uses artificial intelligence to explore one of the world’s most important monument’s while helping the Holy See manage visitor flows and identify conservation problems.
