Amazon joins $1 trillion club, on pace to overtake Apple

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By October 2009 it had risen to $100 and the stock hit $1,000 for the first time on May 30, 2017. Amazon went public at $18 a share in 1997 - on Tuesday those shares hit $2,050, pushing the value of the whole company over $1trn.

'Amazon has now become the second company to reach a trillion dollar valuation, following Apple in August this year, ' he said.

Congratulations on the $1,000,000,000,000, Jeff Bezos.

Amazon touched a market value of $1 trillion Tuesday, becoming just the second publicly traded company to reach the milestone.

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The company initially incorporated as "Cadabra" by Jeff Bezos in 1994 and backed with money borrowed from his parents joined Apple as the second U.S. technology firm to be valued at US$1 trillion on Tuesday.

Buying the Whole Foods grocery chain previous year got Amazon established real world outlets while putting its delivery and retail smarts and systems to work in the brick-and-mortar world.

However it was tech giant Apple that was named as the first publicly listed United States company to be valued at $1,000,000,000,000, on 2 August.

But of that massive revenue, retail is slowly beginning to take a back seat to other higher-margin services.

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Amazon's stock has gained over 70% in 2018, according to CNBC. This year alone, his net worth rose by more than $66 billion. Bezos brought home an annual salary of $81,840 in 2017, according to regulatory filings.

By the end of that year, Amazon was selling books online throughout the US.

He added: "We continue to aspire to be Earth's most customer-centric company, and we recognize this to be no small or easy challenge".

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