Amazon, the internet goliath that revolutionized the way much of the world buys books, toilet paper and TVs, hit a new milestone Tuesday. Its stock surpassed the $1,000 mark for the first time.
That price put Amazon’s market value at about $478 billion, double that of the world’s biggest traditional retailer, Wal-Mart, and more than 15 times the size of Target. A $1,000 investment on Amazon’s first day of trading in 1997 would be worth more than $500,000 today.
Not only has Amazon changed the retail landscape since it became a public company 20 years ago, it’s now part of a small cadre of highflying stocks belonging to companies that have defied Wall Street and shunned stock splits.
Those splits make the stock more affordable and generate brokerage fees. But companies like Amazon have chosen to reward its longterm investors.
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