Amazon has been named the second organization to be valued at $1 trillion by Walls street, reports Masahable. This is after Apple was named the first United States Company to have reached the milestone. Amazon had not taken many weeks before it joined the big boy’s league. Early on Tuesday, there was a rise in the share price of Jeff Bezos’s Company. Amazon is listed on the NASDAQ stock exchange in the United States. For a brief moment, the firm took it above the trillion dollar mark for the first time. This historic moment of crossing the $1 trillion thresholds has marked the latest chapter in a fantastic story of growth for the organization. The firm was founded by Jeff Bezos in the City of Seattle back in 1994. Other big tech corporations such as Facebook and Google are also eyeing the trillion-dollar club of companies.
Twenty-five years later, Amazon Company has already garnered a significant presence in almost everything in retail, to video streaming, groceries among other staff. This has assisted the firm to rack up all that revenue, which by the end of last year was valued at $178 billion. Jeff has become the world’s richest man in the process. He now has a net worth estimated to be more than $167 billion. This is the latest report released by Forbes on Tuesday. Amazon first went public in 1997 with a share of $18. On Tuesday, all those shares had hit $2,050. This pushed the value of the entire organization to over $ 1 trillion. Amazon was valued at $ 995 billion, very short of its new record.
But with its rapid growth, there has been brewing criticism over the firm’s attitude to tax and employee’s rights. The Organization has started to sell CD’s and selling life books online. This has become another reason that has explained its accumulating wealth. The firm has also been building wealth from hosting websites such as Netflix, Airbnb and Unilever. The Amazon’s web services have become the current frontrunner for contracts worth $10 billion to provide cloud computing for the United States Department of Defense. Apart from cloud services, Amazon frim has been bulging its own content business. It has been developing movies and TV shows. Back in 2017, the company purchased the ‘Whole Foods’. Bezos bought the grocery chain for an estimated amount of $13 billion. The Organization now appears to have already targeted the health concern of the market as its new vast opportunity.