Jeff Bezos, the founder of Amazon has already enjoyed being at the top spot when it comes to being one of the wealthiest people in the world.
Now the company that he founded 24 years back has hit the market cap of $1 trillion. There has been a cut-throat competition amongst Apple and Amazon to become the first U.S Company that surpasses a $1 trillion mark. While Apple crossed the $1 trillion market value last month, Amazon joined Apple a month after on Tuesday.
Amazon Prime Day, the company’s biggest sales event that took place in July this year was the reason Amazon reached a market cap of $900 billion. At the beginning of this year, the company was worth merely $580 billion.
Two decades back, Amazon started its operations as an internet book store in 1994.
Amazon Echo and Alexa have turned out to be the highest sold items by the company and have immensely contributed to the success of this online retail company. The success of Amazon Web Services is also a major contributor in this regard along with the company’s cloud business.
A research firm eMarketer states that Amazon’s e-commerce revenue will upsurge above 28 percent in 2018 and will account for 49 percent of US online retail sales and approximately five percent of entire retail spending.
Amazon and Apple have finally hit the $1 trillion milestone and now lagging close behind in market value are tech giants like Microsoft and Google owner, Alphabet and Facebook.
Amazon is also planning to establish second headquarters known as HQ2, where the company plans to invest above $5 billion dollars and create around 590,000 jobs within a span two decades.
It took Amazon precisely 165 trading days to grow its valuation from $600 billion in January this year to $1 trillion on Tuesday.
Over the last two decades, the Seattle based company has revolutionized how people shop online and has successfully emerged to be a giant internet retailer.
In the beginning, the company was incorporated as ‘Cadabra’ and was financed by the money that Bezos borrowed from his parents.