Amazon just became the second member of the trillion-dollar club. The e-commerce juggernaut hit the 13-digit milestone Tuesday morning when its stock briefly surged to $2050.50, passing the $2,050.27 mark to win a $1 trillion market capitalization.
Amazon — headed by founder Jeff Bezos, who has become the world’s richest person on the back of the relentless rally in Amazon shares — hit the milestone just over a month after Apple became the first company to do so on Aug. 2. The company’s recent growth spurt began last week after analysts at Morgan Stanley raised their price target for the retailer to $2,500 — a $1.2 trillion valuation — from its previous target of $1,850.
“We have increasing confidence that Amazon’s rapidly growing, increasingly large, high margin revenue streams (advertising, AWS, subscriptions) will drive higher profitability” analyst Bryan Nowak said in a note last week. The Seattle-based company’s stock has grown over 70 percent year-to-date, and has gained over 3,000 percent in the past decade.
Amazon hit the $900 billion milestone just a month and a half ago in mid-July. Indeed, it was less than a year ago in early October 2017 that Amazon shares first crossed the $1,000 mark. Bezos is now worth over $165 billion, well ahead of runner-up Bill Gates, whose wealth clocks in at just over $98 billion, according to Bloomberg. New York Post
Pix: Amazon Boss, Jeff Bezos
