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  HOME | Business & Economy (Click here for more)

Amazon, 2nd Largest US Firm, Hits $1 Trillion Mark on Wall Street

NEW YORK – Tech giant Amazon became on Tuesday the second US firm to hit the $1 trillion mark, after Apple did so on Aug. 2.

Shares of the commercial powerhouse headed by Jeff Bezos moved over $2,000 at mid-day on Wall Street to $2,050.27, after rising 1.9 percent.

The California-based Apple was not the first firm to exceed the $1 trillion level, with China’s public PetroChina oil company briefly doing so on the Shanghai Stock Exchange in 2007.

Amazon, based in Seattle, has been rising for months in price, its shares increasing in value by more than 71 percent so far this year.

After founding Amazon in 1994, Bezos’s latest endeavors – such as the purchase of The Washington Post – do not seem to have shaken investors, although he and his firm have found themselves in the crosshairs of President Donald Trump on several occasions.

Last April, Trump said that he was going to “seriously” study whether to take measures against the firm, which he accused of engaging in “very unfair” competition.

Those threats have not materialized – for the moment – but The Post’s critical tone vis-a-vis the White House has continued, with Trump referring to the daily as Amazon’s “propaganda” arm.

In recent weeks, political pressure has also been placed on Amazon from another quarter by Democratic Sen. Bernie Sanders, the leader of his party’s progressive wing, who has repeatedly denounced the working conditions for many of the firm’s employees.

Nevertheless, over the past 12 months, the firm’s shares have more than doubled in value, with Amazon trading at under $1,000 per share in August 2017.

Bezos’s plan to take Amazon into new business areas is one of the things fueling the optimism among investors, who point to the results achieved by the firm’s Web services affiliate, which specializes in storing data in the Cloud.

 

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