Amazon becomes second company to hit $1 trillion value

Amazon is now a $1 trillion company

Amazon is now a $1 trillion company

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

The company's blowout success made its founder and chief executive Jeff Bezos number one on Forbes' billionaires list this year.

Starting as a new way to sell books in the early years of the internet, Amazon has grown to an online behemoth and has changed the retail landscape across the world.

The Seattle-based company has cemented customer loyalty through its Echo voice devices and the Prime membership program that offers fast, free shipping as well as music and video streaming perks.

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The company's market cap hit $1 trillion just a few moments ago after its share price hit $2050.50.

Amazon just became the second member of the trillion-dollar club. It was a temporary milestone, as Amazon shares hit $2,049.50 Tuesday morning then fell back.

However it was tech giant Apple that was named as the first publicly listed U.S. company to be valued at $1,000,000,000,000, on 2 August. Market watchers have been expecting both Amazon and Apple to eventually have valuations topping $1 trillion.

"While the share price has doubled over the past year, we are long-term believers in the case for the company, and continue to be confident in our positions".

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