Amazon Joins Apple as Second $1 Trillion Company

Shares of e-commerce giant have rocketed by 70 percent in 2018

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Amazon became the second company worth $1 trillion on Tuesday morning, with the tech giant hitting the milestone one month after Apple became the first to do so.

A 2 percent jump in early trading pushed Amazon past the $2,050.27 per share mark it needed to hit a $1 trillion valuation. Shares dipped slightly afterwards, but were still up about 1 percent on the day. The Seattle-based company has enjoyed a banner year so far, with Amazon’s shares surging by more than 70 percent in 2018.

Shares of Amazon have increased 71 percent in value since the start of 2018 (via Google)

Amazon reported in July it hauled in $52.9 billion in revenue during the second quarter, along with a record $2.5 billion in profit. Once a digital go-to spot for books, Amazon has morphed into a powerhouse on several fronts, from entertainment to cloud services to advertising.

The company’s success has made CEO Jeff Bezos the richest man in the world, by far, with a net worth of about $150 billion. At the same time, it’s put Amazon under the microscope. President Trump blasted the company earlier this year for using the United States Postal Service as its personal “delivery boy” and skirting taxes. And recently, Bernie Sanders skewered Bezos and Amazon for its “grossly underpaid” facility workers — a claim Amazon called “inaccurate and misleading.”