After Apple, Amazon Becomes 2nd US Company To Reach $1 Trillion Market Cap

Jeff Bezos-owned Amazon has finally hit the $1 trillion mark in terms of market valuation today and this has come after Apple became the first ever public company in the US to reach this milestone. Note that there was a significant difference last year as Apple had surpassed $900 billion in market value 8 months before Amazon, which reached $900 billion in July on its biggest Prime Day ever.

Amazon was started by Jeff Bezos in Seattle, Washington, in 1994 and today after 25 years, this company has everything from retail, to groceries, to video streaming.

Also Read: 10 Popular Companies Owned By Amazon’s Founder – Jeff Bezos

Income sources of Amazon

Amazon started by selling books and CDs online but now makes much of its money from hosting websites such as Airbnb, Netflix, and Unilever. Amazon Web Services currently holds a $10bn contract to provide cloud computing for the US Department of defense.

US president has often criticised Amazon after Bezos bought The Washington Post in 2013. While he has kept the news organization as a separate company from Amazon, the criticism of Trump has made Jeff loose millions.

Also Read: Amazon Loses $53 Billion After Trump’s Criticism

Both Amazon and Apple have become a part of modern life and one cannot ignore their presence. Amazon was trying to reach this landmark figure for months but lost out when stock markets responded favorably to Apple’s financial results last month.

Interestingly, these companies now have a market value which is larger than the economies of Turkey and Switzerland. China’s energy company PetroChina was the first world’s first trillion-dollar company.