Amazon hits $1 trillion valuation amid Trump attacks

[Yo_Mama_Been_Loggin]

Amazon briefly exceeded $1 trillion in value Tuesday amid growing criticism from President Trump, becoming the second U.S. corporation to reach that threshold.

The online retail giant eclipsed the $1-trillion mark Tuesday morning when the price of one of its 487,741,189 shares rose to $2,050.27, according to CNBC. The stock value later slipped but has gained 1.17 percent as of 12:30 p.m.

Apple was the first U.S. corporation to exceed $1 trillion in value when it crossed the threshold on Aug. 2. The combined value of both companies is equal to roughly 10 percent of U.S. gross domestic product.

Amazon has dominated U.S. retail as more consumers shift away from brick-and-mortar stores toward online retailers. The company accounts for 49 cents of every e-commerce dollar spent in the U.S., contributing to its $178 billion in annual revenue, and it employs more than 550,000 workers, according to Thee New York Times.

Amazon has expanded into web hosting services, advertising, consumer technology, entertainment and e-books since launching as an online bookstore in July 1995.

While Amazon’s plans to build another headquarters attracted offers of lucrative tax breaks and benefits from dozens of state and city leaders, the company has been fiercely attacked by Trump over its size and influence. The president told Fox News last week that Amazon and fellow tech giants Google and Facebook could be in a “very antitrust situation,” but declined to say whether they should be dismantled.

http://thehill.com/policy/finance/404961-amazon-breaks-1-trillion-in-value-amid-attacks-from-trump

Sounds like Trump is just jealoius of anyone who has more money than him.

[Eliot Rosewater]

1. Rump has failed at every single venture, every single one, it is why he owes Putin even more

than I originally estimated.

I originally estimated 1.7 billion but recent reports put that number at around 3 to 4 billion.

[randr]

2. I is a perversion that any entity can amass such wealth

[Ohiogal]

3. And yet .....

https://thinkprogress.org/amazon-workers-rely-on-food-stamps-24ab86dd6495/

[Calculating]

4. Bezos is no hero

He's basically just creating the 'walmart' of online retail. Low wages, and slave-like conditions for his employees are the norm.

[SWBTATTReg]

5. I agree...I don't understand the concentration of so much wealth when it takes more than...

one guy/gal to do all of the things he's done to get Amazon out there...aren't some of the other workers associated w/ Amazon as wealthy?

[Calculating]

6. I'm sure some of the higher-up white-collar employees are getting wealthy

The problem is related to his downtrodden warehouse workers who aren't really paid a living wage, work in sweatshop conditions, and need federal assistance just to survive.

[SWBTATTReg]

7. I know. Walmart, and others are just the same too...nt

[JCanete]

8. yeah, Trump's an idiot, but I"m not super excited that Amazon has such a footprint and

that just one more rich person is getting filthy rich while wages for the rest of us remain stagnant. Just more consolidation of wealth. Amazon is a displacement model. It isn't a "job creator" and it doesn't pay very well.

The enemy of my enemy is not my fucking friend. I'm not really sure why you seem happy about this.