By
Godfrey Benjamin
April 23rd, 2024
Amazon joined Microsoft, Apple, and Google (Alphabet Inc) to rank among the wealthiest companies in the U.S. with a market cap of over one trillion dollars on February 4, 2020. Now it is a new member of the elite $1 trillion club.
As it has become known Amazon joined Microsoft, Apple, and Google’s parent Alphabet in the group of the wealthiest companies in the U.S. The other three entered the elite club for the first time in January 2020. All of them together make up the “Trillion Dollar Club.”
Up to today, only these four American companies have managed to surpass the one trillion dollars threshold, making them rank among the most expensive companies worldwide. Globally, the list of trillion-dollar companies also features Saudi Aramco. Saudi Arabia’s national oil company has a market capitalization of almost $1.8 trillion currently.
On February 4, Amazon closed with a valuation above $1 trillion for the first time. Alphabet closed the day with a market valuation of about $993 billion after a disappointing earnings report that sent the stock down 2.5%.
The company failed to hold above that level at the end of a trading day in the past two sessions. The analysis shows that the stock closed up 2.3%, with the e-commerce giant ending the day with a market capitalization of a staggering $1.021 trillion.
On January 31, Amazon shortly joined the 13-digit club with its shares rising in the wake of a blowout earnings report. However, the stock closed off its high and ended the month of January with a valuation of $999.96 billion. The same trading pattern was repeated on February 3 with an intraday bounce above the trillion-dollar level failing to hold.
This was a familiar occurrence for the company. The e-commerce behemoth first earned a $1 trillion valuation in September 2018. However, on that occasion, it also happened on an intraday basis. But, it failed to remain above the level through the close. The company also attempted to close above the trillion-dollar level in July 2019 but without success.
The Milestone
Initially, the company launched as an online bookseller. Nevertheless, all that changed when Kindle was introduced. That proved that the company could do more than just selling online. Later on, the firm expanded into Amazon Web Services (AWS). This trillion-dollar milestone has further extended the wealth of Jeff Bezos.
The Amazon CEO, who owns about 11.5% of outstanding Amazon shares, according to Bloomberg, has a net worth of about $124 billion.