In August, Apple passed the US$ 1 trillion mark in terms of stock market value. And today, after just thirty-three days, Amazon has accomplished the same feat. Amazon's shares rose as much as 1.9 per cent, sprinting past the milestone. 

Jeff Bezos started Amazon in 1994 as a book-selling platform and since then, the company has transformed itself into an e-commerce mammoth that literally sells everything in multiple markets. The company's success has made Bezos the wealthiest person on this planet with a net worth of almost US$ 150 billion. 

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Amazon currently has more than 5,75,000 employees and rakes in more than US$ 200 billion in annual sales. When compared to other huge companies, the e-commerce company is fairly young and has managed to successfully diversify its business. 

Bezos launched a new cloud-computing business division in 2006 called Amazon Web Services (AWS), the business has been an astounding success and further proved how long-term the vision is. 

Having its own computing infrastructure also gave Amazon a lot of room to experiment with its own services. In the recent years, the company has gotten into the streaming business as well and bundled the same with its Prime membership offering. 

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While the stock market-based valuation is very dynamic and at the end of the trading day, the company's valuation slipped to $988.8 billion, it is still a remarkable statement of how quickly the 24-year-old company has grown. The constant rise in share prices also means investors are confident about its prospects

Apple and Amazon aren't the first companies to join the trillion-dollar club though, as energy company PetroChina Co. briefly crossed that valuation in late 2007 but slipped back due to reducing oil prices and the oncoming 2008 financial crisis. 

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Technology stocks have been on a constant rise this year though, Facebook, Google, Microsoft, and Netflix have been seen a consistent rise in their share price and analysts are bullish about them paying off in the longer run. 

Morgan Stanley has recently raised its target price for Amazon's share to US$ 2,500, valuing the company at US$ 1.2 trillion. The stock closed at US$ 2,039 on September 4. 

Source: Bloomberg