Amazon hits $1 trillion market value milestone

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Amazon - founded as an online book-retailer in Chief Executive Jeff Bezos' garage in 1994 - started trading on May 15 1997 at $1.50 on a split-adjusted basis.

The Seattle-based company has cemented customer loyalty through its Echo voice devices and the Prime membership program that offers fast, free shipping as well as music and video streaming perks.

The milestone comes one month after Apple first passed the $1 trillion threshold on August 2.

The stock gained 2% to hit the magic number of $2,050.27, or R31,356, per share on Tuesday.

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Amazon's stock value briefly topped $1 trillion on Tuesday, a little over a month after Apple crossed the same milestone.

Following its new peak, Amazon's stock immediately began to tumble, coming to rest at $2,024.67 around 12:30 p.m. before regaining some value and stabilizing at about $2,040 per share.

Amazon just became the second member of the trillion-dollar club.

It began the day needing just over $18bn worth of net value to reach $1trn - a month after Apple won the race to be the first company with such a market capitalisation.

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Ben Barringer, an equity research analyst at Quilter Cheviot, said Amazon still has a long to way go, which means it could end up bigger then Apple.

Apple took nearly 38 years as a public company to achieve the trillion dollar milestone, while Amazon got there in 21 years.

"The difference between the two is that Amazon has room to grow within its two main businesses".

"While the share price has doubled over the past year, we are long-term believers in the case for the company, and continue to be confident in our positions".

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