Amazon Finally Closes Above $1 Trillion After Months of Close Calls

Jeff Bezos speaks during a news conference at the National Press club in Washington in Sept. 2019.
Jeff Bezos speaks during a news conference at the National Press club in Washington in Sept. 2019. (Andrew Harrer/Bloomberg News)

[Stay on top of transportation news: Get TTNews in your inbox.] Inc. closed with a valuation above $1 trillion for the first time Feb. 4, 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%, with the e-commerce company ending the day with a market cap of $1.021 trillion. Amazon briefly joined the 13-digit club Jan. 31, with shares surging in the wake of a blowout earnings report, but the stock closed off its high and ended with a valuation of $999.96 billion. The pattern repeated Feb. 3, with an intraday bounce above the level failing to hold.

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This was something of a familiar story for the company. Amazon first earned a $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 $993 billion Feb. 4 after a disappointing earnings report sent the stock down 2.5%. Globally, the list also includes Saudi Aramco, Saudi Arabia’s national oil company, which currently has a market cap of about $1.8 trillion.

The milestone also further extends the wealth of Jeff Bezos, Amazon’s CEO, who owns more than 11.5% of outstanding Amazon shares, according to data compiled by Bloomberg. Bezos, the richest person in the world, has a net worth of about $124 billion.

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