Amazon Joins Apple to be a $1 Trillion Company
Amazon just joined the $1 trillion club as the market capitalisation of Amazon has jumped above a trillion. The share prices of the company hit an all-time high of $2,050.27 earlier this morning.
Amazon captures 49 cents of every dollar spend on e-comemrce in United States. It also generates $178 billion in annual revenue. Amazon also employs more than 550,000 people.
Amazon was founded as an online book stores back in 1994 and became public in 1997. Amazon has impressed its investors by diversifying its business into several sectors including retail, cloud servers, gadgets video streaming services and more. The cloud services is the major driver of earnings and revenue for the company.
Apple took almost 38 years as a public company to become a trillion dollar company, but Amazon managed to go there in 21 years.
Jeff Bezos, Founder and CEO of Amazon, is currently the richest person with a worth around $166 billion. His worth nearly as much as Bill Gates and Warren Buffett put together.