American e-commerce giant Amazon on Tuesday became the second publicly traded company in history to be worth $1 trillion (Rs 68 lakh crore) after its share price reached an all-time high of $2,050.50, up about 2% since the previous close, The Guardian reported. Its founder Jeff Bezos is the world’s richest person.
The development comes just a little over a month after technology giant Apple reached the $1 trillion mark.
Amazon’s stock has gained over 70% in 2018, according to CNBC. Over the previous 12 months, it had more than doubled. The company’s stocks crossed the $2,000 threshold for the first time on August 30.
Amazon and Apple are now worth more than the economies of countries such as Turkey and Switzerland.
These two companies, however, are not the first ones to achieve this feat. In 2007, PetroChina Company’s market cap surpassed the $1-trillion mark though the Chinese company’s complex structure ensured that most of the shares stayed with the government, The Wall Street Journal reported. This made it difficult to determine the company’s actual value.