Amazon is now a $1 trillion company

Share on September 4 became the second US company to reach $1 trillion in stock market value, just weeks after Apple hit the same milestone on August 2. Market watchers have been expecting both Amazon and Apple to eventually have valuations topping $1 trillion.

Amazon follows Apple, which reached the mark earlier this year.

Amazon has become the second publicly traded company to be worth $US1 trillion, hot on the heels of Apple.

Apple Inc. may have gotten there first, but's rapid ascent to a $1 trillion market value should put the iPhone maker on notice that its days as the world's most valuable company are numbered.

Amazon has impressed investors by successfully diversifying its business into virtually every corner of the retail industry, altering how consumers buy products and putting major pressure on many brick-and-mortar stores.

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Amazon's astronomical growth from a small Seattle bookseller into one of the world's biggest companies has made its founder and chief executive, Jeff Bezos, easily the richest person in the world; as of Tuesday, the 54-year-old was worth more than $166 billion, according to Bloomberg's billionaires index.

It also provides video streaming services and bought upscale supermarket Whole Foods.

More than 40 percent said they buy something on Amazon once a month or more often.

Shares of the e-commerce giant gained about 2% in trading on Tuesday to hit an all-time high of $2,050.27. Now, just a month and change later, Amazon has done the same - however briefly.

The company's market cap hit $1 trillion just a few moments ago after its share price hit $2050.50.