Amazon market value hit $1 trillion earlier today, becoming the second U.S tech company to reach this milestone. Apple was the first to reach this 13-digit number back in early August.
The giant tech company’s shares rose nearly 2 percent to a high of $2,050,50 earlier today, which makes it more than enough to reach the $2,050.27 threshold needed to reach the $1 trillion mark, with the outstanding share count of 487,741,189 shares according to the company’s most recent quarterly report in July.
Although the has since dropped back down, given the unstable nature of the stock exchange and the fact that markets are still active, it is possible for Amazon to rise back to the $1 trillion marks soon.
Apple first reached the $1 trillion in early August after posting a heavy quarterly report. However, it took Amazon just five weeks to reach the milestone.
These two giant tech companies had been racing to this trillion dollar market value. Apple had a great significant head start by surpassing $900 billion in market value eight months prior to Amazon, which reached its $900 billion in July with its biggest prime Day ever.
Amazon is now the second US Company to hit a market value of $1 trillion and the third worldwide after PetroChina briefly reached the 13-digit market value back in 2007.
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