For a moment on Tuesday, September 4, Amazon joined Apple as the only companies with a market value of US $ 1 trillion.
Shares of the e-commerce giant reached a price of US $2,050.50 on Tuesday morning. The shares needed to reach a price of US $ 2,050.27 to give a market capitalization of US $1 trillion to the company, based on the 487,741,189 Amazon current shares, according to its quarterly report for July.
Amazon is the second US company to reach that milestone, driven by its dominance of e-commerce and its cloud storage business, which is very profitable.
However, the taste did not last long because the stock soon fell to US $ 2,024.64, a rise of 0.6 percent compared to the previous close but below the level needed for the valuation of US $ 1 trillion, according to Yahoo Finance.
Apple became the first trillion dollar company in early August when its shares reached a price of US $ 207.05. It was the first US company in reaching that number, but the second in the world. PetroChina, an energy company, reached that value for a short time on the Shanghai stock exchange in 2007. On Tuesday, Apple’s market value was around US $ 1.1 trillion.
Amazon did not respond to a request for comment.