Amazon shares touched $2,050 in midday trading, briefly putting it over the mark of $1 trillion in market value. The shares have since declined slightly and remain up 1.3 percent on the day at around $2,037.
The company almost doubled its value this year, starting 2018 with a valuation of $580 billion. Profits from Amazon Web Services, its cloud computing business, significantly boosted the company's bottom line in the second quarter, and investors have continued to demonstrate unrelenting confidence in the Seattle-based company’s acquisitions and explorations into new markets including healthcare, advertising, and groceries.
Amazon's success has also made it a target of growing criticism. President Donald Trump has repeatedly attacked Amazon, and the company has become a hot topic among academics and consumer groups that worry Amazon has become too powerful.
Amazon has also come under scrutiny for the conditions in its many fulfillment centers, which are large warehouses in which workers prepare shipments. Some Amazon employees have alleged mistreatment by the company.
Amazon's success has made Bezos the richest man in modern history, according to Bloomberg, with a net worth of more than $150 billion.
In his letter to shareholders this year, Bezos wrote: "We continue to aspire to be Earth’s most customer-centric company, and we recognize this to be no small or easy challenge. We know there is much we can do better, and we find tremendous energy in the many challenges and opportunities that lie ahead."
This is a breaking news story. Please check back for updates.