Amazon tops $1 trillion market value


Megan Shandel

Photo Credit: Megan Shandel

Gage Goulding, Assistant News Manager

Amazon joined an elite level of business that only one other company has ever achieved: a market value of over $1 trillion.

On Tuesday, Amazon joined Apple in the 13-digit territory, according to CNN Money. The 24-year-old company started the 2018 year with a worth of $580 billion. Following an impressive second quarter posting $2.5 billion in net income, the online retailer moved into the next level of the fiscal world.

Apple was the first company to surpass the $1 trillion mark in early August. The iPhone maker took 34 years to reach the milestone while the younger Amazon reached the goal in just 24 years, according to Reuters.

The online marketplace is not the only one benefiting from the new accomplishment. Amazon (AMZN) stock prices rose nearly 28 points by mid-day, proving a big payout for investors.