Amazon hits $1 trillion in stock market value

AMAZON.COM-STOCKS/ Representational image

American online shopping giant Amazon, which has a sizeable presence in India, on Tuesday 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.

Seattle-based Amazon, which started by 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 capitalisation. This figure matches the combined market capitalisation 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.