On Tuesday, Amazon briefly became the second publicly traded company after Apple to reach $1 trillion in market cap.
Although the stock closed below the magic number, it’s remarkable how quickly it joined the trillion-dollar club.
The Jeff Bezos-founded company and Apple now make up more than eight percent of the entire value of the S&P 500, CNN quoted senior index analyst for S&P, Howard Silverblatt as saying.
The company’s stock reportedly rose nearly two percent in the morning trading, thereby putting its market value just over the 13-digit territory.
Amazon, in just two decades, expanded far beyond its bookseller beginnings. It has revolutionised how people shop online.
Apple topped the USD 1 trillion mark in early August.
(With inputs from ANI)