Amazon joins $1 trillion club, on pace to overtake Apple

Amazon's $1 trillion market value is great for shareholders and a testament to how much consumers love it. But the attention may not come at the best time

Its shares then hit the $2050.2677 level to give its stock a value of $1 trillion.

Shares of the e-commerce giant gained about 2% in trading on Tuesday to hit an all-time high of $2,050.27.

Amazon is now the second publicly traded U.S company to hit $1 trillion valuation.

In just two decades, the company expanded far beyond its bookseller beginnings - they've managed to combine a world-wide retail operation with a less showy, but clearly, incredibly profitable advertising and cloud software businesses. Amazon stock has doubled in price over the past year, eclipsing the $2,000 mark on August 30.

Congratulations on the $1,000,000,000,000, Jeff Bezos. Amazon had $178 billion in revenues past year and made $2 billion in profit in its most recent quarter.

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Starting as a new way to sell books in the early years of the internet, Amazon has grown to an online behemoth and has changed the retail landscape across the world.

The tech juggernaut isn't alone anymore, however, as Amazon has reached $1 trillion valuation.

Inc. shares rose as much as 1.9%, pushing the company briefly beyond a market value of $1 trillion, a milestone Apple Inc. reached last month.

The Seattle-based company has cemented customer loyalty through its Echo voice devices and the Prime membership program that offers fast, free shipping as well as music and video streaming perks. At the time, the company revealed that it slightly missed the sales figures Wall Street analysts had been hoping for, but more than exceeded their expectations for profits, with earnings of $5.07 per share on profits of $2.53 billion for the quarter.

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