America's online shopping giant Amazon, which has a sizeable presence in India, yesterday became the second US company to hit $1 trillion in stock market value. Silicon Valley-based Apple was the first US company to do so less than a month ago.
Amazon shares traded at $2,050.27 Tuesday afternoon, which pushed the company's market valuation over $1 trillion. The Seattle-based company which started as selling books online is owned by Jeff Bezos, who among other things also owns The Washington Post, a top American daily.
Amazon, in recent years, has emerged as a disruptive force in shopping, attracting millions of customers across the globe - the US and India in particular - to shop online. Over the past few years, Amazon has emerged as a major FDI investor in India.
This year alone, Amazon stocks have jumped 75 per cent adding $435 billion to its market capitalization. This is combined market capitalization of America’s top three retail stores - Walmart, Costco and Target.
The Wall Street Journal said investors rewarded Amazon because of it demonstrating better financial discipline in recent quarters.