It’s official: Amazon, founded by Jeff Bezos just became the second American company to achieve a market valuation of more than $1 trillion. The Shares of the tech gained hit an all-time high of $2,050.27. Multiplied by the current number of shares outstanding — 487,741,189 — that puts the company’s book value just over the same symbolic milestone that Apple hit less than one month ago, Business Insider Reports.
For context, the entire US stock market — the sum of all publicly traded American companies including Amazon — hit $30 trillion back in January.
The trillion dollar mark was a fairytale a few years ago but with the growth of the internet to more users and the advancement of services offered from tech companies like Apple and Amazon, it’s now a feat that shows how powerful the internet age is.
Jeff Bezos, is currently the richest person in the world cause of the boost in Amazon stock and value. The 54-year-old is now worth more than $166 billion, according to Bloomberg’s billionaire’s index on Tuesday. The riches have largely come through his ownership of 16.3% of Amazon’s outstanding stock. The company is expected to hit $210 billion in revenue this year.
The most important word at Amazon is yes. Bezos explains correctly in his Forbes September cover story, the traditional corporate hierarchy: “Let’s say a junior executive comes up with a new idea that they want to try. They have to convince their boss, their boss’s boss, their boss’s boss’s boss and so on—any ‘no’ in that chain can kill the whole idea.“