NEW YORK: Amazon’s market value hit $1 trillion on Tuesday, the second company after Apple to hit the milestone, following an incredible journey for the internet giant which has kept a long-term focus since launching as an online bookseller two decades ago.
Early gains lifted Amazon’s value to $1 trillion only briefly, with the final close at $2,039.51 giving it a value of $995 billion.
Amazon’s journey from an online bookseller in a garage to a global e-commerce powerhouse has centered on obsession with the long road.
The company initially incorporated as “Cadabra” by Jeff Bezos in 1994 and backed with money borrowed from his parents joined Apple as the second US technology firm to be valued at $1 trillion on Tuesday.
Apple crossed the trillion-dollar value threshold a month ago and has remained above it. Amazon became the second US company at that eye-popping value.
GlobalData Retail managing director Neil Saunders called Amazon’s valuation achievement “extraordinary” and considered it a sign of the company’s potential.
“Despite its size and scale, there is still something young about Amazon,” Saunders said.
“Amazon is really only just getting started.”
Created in a garage in a suburb of Seattle, Washington, the company renamed “Amazon” sold its first book — Fluid Concepts and Creative Analogies: Computer Models of the Fundamental Mechanisms of Thought by Douglas Hofstadter — in mid-1995.