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Feb 4, 2020

Amazon finally closes with US$1T market cap after months of flirting

Employees stand near an The Amazon Inc. logo is displayed above the reception counter at the company's campus in Hyderabad, India, on Friday, Sept. 6, 2019. Amazon's only company-owned campus outside the U.S. opened at the end of August on the other side of the globe, thousands of miles from their Seattle headquarters. The 15-storey building towers over the landscape in Hyderabad's technology and financial district, signaling the giant online retailer's ambitions to expand in one of the world's fastest-growing retail markets. Photographer: Dhiraj Singh/Bloomberg

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Amazon.com Inc. closed with a valuation above US$1 trillion for the first time on Tuesday, after failing to hold above that threshold through the end of a trading day in the previous two sessions.

The stock closed up 2.3 per cent, with the e-commerce company ending the day with a market cap of US$1.021 trillion. Amazon briefly joined the 13-digit club on Friday, with shares surging in the wake of a blowout earnings report, but the stock closed off its high and ended with a valuation of US$999.96 billion. The pattern repeated on Monday, with an intraday bounce above the level failing to hold.

This was something of a familiar story for the company. Amazon first earned a US$1 trillion valuation in September 2018, but that was also on an intraday basis, and it failed to stay above the level through the close. The company also neared it in July 2019, again without success.

Amazon is only the fourth U.S. stock to close with this valuation, following Apple Inc., Microsoft Corp., and Alphabet Inc., which joined the elite club for the first time just last month. Alphabet closed with a market valuation of about US$993 billion on Tuesday after a disappointing earnings report sent the stock down 2.5 per cent. Globally, the list also includes Saudi Aramco, Saudi Arabia’s national oil company, which currently has a market cap of about US$1.8 trillion.

The milestone also further extends the wealth of Jeff Bezos, Amazon’s chief executive officer, who owns more than 11.5 per cent of outstanding Amazon shares, according to data compiled by Bloomberg. Bezos, the richest man in the world, has a net worth of about US$124 billion.