Amazon (NASDAQ:AMZN) has come a long way from being a website where people just mainly bought books.
The company made history recently by becoming the second company after iPhone maker Apple to hit a $1 trillion market cap.
Just five weeks after Apple achieved the milestone, e-commerce giant Amazon soared to a high of $2,050.50 to hit $1 trillion. The stock only needed a price of $2,050.27 for the achievement and sailed right by it.
According to analysts, its the company’s diversified portfolio that continues to evolve that is the value driver for the company. Loup Ventures’ Gene Munster told CNBC’s “Squawk Alley” after Amazon hit the $1 trillion mark, “They have given investors confidence that they can go and disrupt markets just like they’ve done with retail.”
“We like to go down unexplored alleys and see what’s at the end. Sometimes they’re dead ends,” CEO Jeff Bezos said in 2009. “Sometimes they open up into broad avenues and we find something really exciting.”
Jeff Bezos added $67 billion to his net worth this year so far, bringing his total fortune to $167 billion, according to the Bloomberg Billionaires Index. According to calculations, the CEO is making an astonishing $11,166,666 per hour.
RT.com had posted back in July on Twitter, “Amazon’s Bezos becomes richest man in modern history, with wealth topping $150bn”
Amazon keeps raising the stakes and it looks like its paying off big time.
Recently Vermont Democratic Senator Bernie Sanders had proposed a ‘Stop Bad Employers by Zeroing Out Subsidies Act’ – informally known as the ‘Stop BEZOS’ Act.
The bill is targeting corporations with 500 or more employees. This includes Amazon, Apple and Walmart. The act would tax corporations for every dollar that their low wage workers receive in government assistance.
“Our legislation gives large, profitable employers a choice: Pay workers a living wage or pay for the public assistance programs their low-wage employees are forced to depend upon,” Sanders stated.