Amazon Just Became The World's Second Trillion-Dollar Company
Just weeks after globe-conquering tech giant Apple reached its $1 trillion value milestone, Amazon has joined them in crossing the threshold.
It's been under 25 years since the company began selling books and CDs online, but the retailer now provides everything from retail, to groceries, to video streaming. Amazon’s achievements can be read in terms of its shares: Wall Street valued the company at $1tn with shares at $2,050 in comparison to when the retailer went public at $18 a share in 1997.
With both Amazon and Apple leading a stock market value that beats the economies of Turkey and Switzerland, Amazon founder Jeff Bezos is said to be the world’s richest man.
However, Amazon’s success hasn’t emerged without its criticism. Figures like Donald Trump have threatened a wider investigation into its online dominance after Bezos bought the Washington Post in 2013: “Amazon Washington Post has gone crazy against me,” Trump wrote on Twitter in July.
Questions have also been raised regarding Amazon’s attitude to tax and workers' rights, with Phillip Hammond even urging temporary tax measures to, "make sure that taxation is fair between business doing business the traditional way, and those doing business online."
This story originally appeared on Esquire.co.uk. Minor edits have been made by the Esquiremag.ph editors.