Amazon’s share prices have topped $2000 (£1536) for the first time in its history, as the ecommerce giant edges ever closer to the coveted $1 trillion ($768.2 billion) mark.
Earlier this week Morgan Stanley raised Amazon’s price target to $2500 (£1920), which sent its share prices jumping 3.4 per cent on Wednesday and a further 0.6 per cent on Thursday.
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This lifted its market value to $975.8 billion (£749.4 billion), hot on the heels of Apple which became the first public US company to hit $1 trillion ($768.2 billion) earlier this month.
The influential bank said that it has “increasing confidence that Amazon’s rapidly growing, increasingly large, high margin revenue streams (advertising, AWS, subscriptions) will drive higher profitability and continued upward estimate revisions”.
For the year to date Amazon’s share prices have already increased 70 per cent.
Jeff Bezos, the founder and chief executive of Amazon, currently owns 78,885,140 shares in his company, equating to 16.2 per cent of its total outstanding shares.
If and when Amazon hits the $1 trillion ($768.2 billion) mark, Bezos’ stake would be worth $161.74 billion (£124.34 billion), keeping him comfortably at the top of Forbes’ rich list.
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