America’s online shopping giant Amazon, which has a sizeable presence in India, on Tuesday became the second US company to hit USD 1 trillion in stock market value.
Silicon Valley-based Apple was the first US company to do so less than a month ago. Amazon shares traded at USD 2,050.27 Tuesday afternoon, which pushed the company’s market valuation over USD 1 trillion.
The Seattle-based company which started as selling books online is owned by Jeff Bezos, who among other things also owns The Washington Post, a top American daily.
Amazon, in recent years, has emerged as a disruptive force in shopping, attracting millions of customers across the globe – the US and India in particular – to shop online.
Over the past few years, Amazon has emerged as a major FDI investor in India.
This year alone, Amazon stocks have jumped 75 per cent adding USD 435 billion to its market capitalization. This is combined market capitalization of America’s top three retail stores – Walmart, Costco and Target.
The Wall Street Journal said investors rewarded Amazon because of it demonstrating better financial discipline in recent quarters.