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Rediff.com  » Business » After Apple, Amazon too hits $1 trillion in stock market value

After Apple, Amazon too hits $1 trillion in stock market value

September 04, 2018 23:44 IST

Amazon, in recent years, has emerged as a disruptive force in shopping, attracting millions of customers across the globe - the US and India in particular - to shop online.

America's online shopping giant Amazon, which has a sizeable presence in India, on Tuesday became the second US company to hit $1 trillion in stock market value.

 

Silicon Valley-based Apple was the first US company to do so less than a month ago.

Amazon shares traded at $2,050.27 Tuesday afternoon, which pushed the company's market valuation over $1 trillion.

The Seattle-based company which started as selling books online is owned by Jeff Bezos, who among other things also owns The Washington Post, a top American daily.

Amazon, in recent years, has emerged as a disruptive force in shopping, attracting millions of customers across the globe - the US and India in particular - to shop online.

Over the past few years, Amazon has emerged as a major FDI investor in India.

This year alone, Amazon stocks have jumped 75 per cent adding $435 billion to its market capitalisation.

This is combined market capitalisation of America's top three retail stores - Walmart, Costco and Target.

The Wall Street Journal said investors rewarded Amazon because of it demonstrating better financial discipline in recent quarters.

Photograph: Mike Segar/Reuters

Lalit K Jha in Washington
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