Amazon.com's stock market value hits USD 900 billion

Irving Hamilton
July 21, 2018

It's a race against the clock for the two tech giants, to see which company will be the first to earn a trillion-dollar crown.

Amazon.com's stock market value reached $900 billion for the first time.

Its stock, which has grown nearly 60 percent since last October, touched $1,858.88 on NASDAQ, before sliding 0.2 percent to end the day at $1,840.55 The company valuation reached a peak of $902 billion, as the ecommerce giant closed in on Apple's $935-billion valuation.

Amazon reports its results on July 26 and Apple, which has been reducing its share count through buybacks, reports its June-quarter results on July 31.

Apple is the only other company to be valued above that mark, now sitting just below $943bn.

Amazon's stock market value hit new highs on Wednesday, pushing the online retail giant one step closer to potentially dislodging Apple as the world's most valuable firm.

Google's parent company Alphabet stands in third place at $838.1bn, then is followed by Microsoft at $807.4bn and Facebook at $607.8bn.

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The calculations for Apple and Amazon's market capitalisations are based on the number of shares outstanding in their March-quarter reports.

In contrast, Apple is more-profitable but slower growing at 15 times earnings.

Announcing the details of the successful event for Jeff Bezos' online tech business, Amazon said Prime Day is the company's way of saying thank you to its members.

Born in New Mexico and raised in Houston, Texas, he went on to attend the prestigious Princeton University and graduated in 1986.

"Prime Day offers us a unique opportunity to thank Prime members with our best deals", said Jeff Wilke, CEO of Amazon Worldwide Consumer.

Now, Amazon is one of the biggest companies in the world and the most successful website in the world.

Mr Bezos himself has an estimated net worth of $150 billion (£115 billion). He is now the only person in the world valued over $100 billion, richer than the world's second wealthiest man Bill Gates by $58 billion.

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