Amazon becomes world’s second company to be valued at $1tn

    Amazon has become the second company to be valued by Wall Street at $1tn, a matter of weeks after Apple reached the milestone first.

    On Tuesday, a rise in the share price of Amazon, which is listed on the Nasdaq stock exchange in the US, briefly took it above the trillion-dollar watermark for the first time.

    Crossing the $1tn threshold marks the latest chapter in an astonishing story of growth for the company, founded by businessman Jeff Bezos in Seattle in 1994.

    Less than 25 years later, Amazon has garnered a major presence in everything from retail, to groceries, to video streaming, helping it rack up revenues of $178bn (£139bn) last year.

    Bezos has become the world’s richest man in the process, with a net worth estimated at more than $167bn on Tuesday, according to Forbes.

    Amazon went public at $18 a share in 1997 – on Tuesday those shares hit $2,050, pushing the value of the whole company over $1tn. Amazon ended the day valued at $995bn, just short of its new record.

    But with rapid growth has come fierce criticism over its attitude to tax and workers’ rights.

    The company that started life selling books and CDs online has morphed into a behemoth that now makes much of its money from

    Article source: https://www.theguardian.com/technology/2018/sep/04/amazon-becomes-worlds-second-1tn-company

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