Amazon has become the second company in history to hit a valuation of $1 trillion (£780 billion), hitting the figure not that long after Apple did so, with the iPhone manufacturer crossing the symbolic line early in August.
The trillion dollar market cap was hit on Tuesday as Amazon stocks hit a high of $2050.50 (£1,600), before retracting to their current level around the $2040 (£1,590) mark. As such, Amazon’s membership in the trillion-dollar club only lasted a short time – at the time of writing its market cap sits at the not-too-shabby $995 billion mark (£776 billion).
The company employs hundreds of thousands of people across the globe, generating hundreds of billions in annual turnover and accounts for 49 cents in every dollar spent online in the United States. Its valuation would seem to some to be an inevitability, rather than a brief, bullish run.
Amazon recently appointed former 2K president Christoph Hartmann as VP of its Game Studios, showing the ever-growing company does have genuine aspirations to make something impactful in the gaming space. Despite this and other big hires – and the phenomenal value of the company – Amazon has yet to release any games developed internally.
Amazon’s other gaming division, Twitch, is undoubtedly going from strength to strength, with the streaming platform walking hand in hand with some genuinely huge stars who made their name on Amazon’s $1 billion (£780 million) acquisition.