Amazon.com (AMZN) joined the $1 trillion club, but its stay was ever so brief.
As shares topped $2,050.268 in trading on Tuesday morning, the retail and cloud giant’s market capitalization swelled to $1 trillion, based on its 487.7 million shares outstanding. Amazon had recently reached another milestone, topping $2,000 per share for the first time.
Shares have been gaining momentum in part off a Morgan Stanley report that raised the price target to $2,500. If Amazon reaches that figure, it would be worth $1.2 trillion. Apple (AAPL), the only other member of the $1 trillion club, has a market cap of about $1.1 trillion. Apple reached the $1 trillion mark on Aug. 2.
Apple reached a market value of $1 trillion on Thursday, propelled by the sustained success of the iPhone. WSJ’s Spencer Jakab takes a look at how Apple got here. Photo illustration: Heather Seidel/The Wall Street Journal
Shares of Amazon traded as high as $2050.50, but have since slipped back to $2029.67, up 0.8% on the day though well below the $1 trillion market-cap level.
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