Amazon temporarily became a $1 trillion company

Posted September 05, 2018

At the close of the stock market on Friday, Jeff Bezos's net worth was estimated at $166 billion by the other major billionaire wealth tracker, the Bloomberg Billionaires Index.

Shares in the e-commerce giant rose almost 2% to a high of $2,050.50 in morning trade before slipping back. That milestone, just a month after it reached a $900 billion valuation threshold.

Analysts expect Apple's revenue to jump 14.9 percent in its fiscal year ending in September, according to Thomson Reuters data, a hefty rise but still far short of Amazon's expected revenue growth of 32 percent for 2018.

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Interestingly, as The Verge points out, Amazon is only the third company internationally to hit a $1 trillion market cap.

Apple crossed the trillion-dollar value threshold a month ago and has remained above it. Amazon became the second U.S. company at that eye-popping value.

For example, Amazon's lucrative cloud computing business is built on technology infrastructure that the company needed to run its own operations. In fact, when people shop online, they're most likely to start on Amazon, the poll found.

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The Seattle-based company has cemented customer loyalty through its Echo voice devices and the Prime membership programme that offers fast, free shipping as well as music and video streaming perks. Amazon shares were last up 1.1 per cent at $2,035.69, pulling back slightly from the milestone level of $2050.2677.

Bezos bought the Washington Post five years ago for US$250 million from his personal funds.

Bezos' riches have largely come through his ownership of 16.3% of Amazon's outstanding stock.

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