Amazon’s done it: the trillion-dollar club welcomes its newest member
We reported yesterday morning on ecommerce titan Amazon’s race to become the second company ever to reach a market cap of more than a trillion U.S. dollars (you can read that here). Now, here’s an update: as of last night, reports are in that the company’s done it: Amazon has joined Apple in the trillion-dollar club.
Amazon’s share price is up by 75%, year to date!
SOURCE: Yahoo Finance
This marks an incredible accomplishment for the man behind the myth – Jeff Bezos. The company’s founder and CEO started Amazon in 1994 as a small online bookseller. No one, however, could have predicted where the company would end up. (Well, no one apart from Mr. Bezos himself, who always imagined Amazon becoming the world’s first online “everything shop”). Today, the company’s a juggernaut: it has annual sales in excess of $200 billion and more than 575,000 employees.
Attaining a trillion-dollar market cap is a historic feat – particularly considering the brand’s humble origins selling used books from Mr. Bezos’ garage. Apple crossed the threshold earlier this year, and Amazon joined it yesterday.
Bezos is widely seen as a business genius, and he claims a driving force behind his success is understanding why and how brands should approach risk. In this case, he says taking a longer view of the market helped Amazon to differentiate itself from rivals. He told Wired Magazine: “If everything you do needs to work on a three-year time horizon, then you’re competing against a lot of people. But if you’re willing to invest on a seven-year time horizon, you’re now competing against a fraction of those people, because very few companies are willing to do that.”
Dominion holds Amazon in its Global Trends Ecommerce Fund.
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