Business

Amazon’s stock just hit $1,000 for first time ever

Amazon’s stock crossed the $1,000 mark for the first time ever on Tuesday.

Boosted by the Seattle-based web giant’s steady growth in sales and profits, investors pushed Amazon’s stock briefly over $1,000 a share in early Tuesday trades.

The mile-high milestone puts Amazon’s market value at about $478 billion and makes it among just 14 other US companies that have shares trading above $1,000, including Priceline and Warren Buffet’s Berkshire Hathaway.

Amazon’s milestone had been widely anticipated over the last several days. But just as quickly as it reached the four-figure threshold, it slid back down just a couple of dollars short of $1,000, recently changing hands at $997.37.

It took the company 22 years, but sales of books, groceries, clothing and just about anything a consumer can buy have propelled the company to the top of the online retail heap.

Earlier this month, Amazon celebrated its 20th anniversary as a publicly traded company. Investors who bought $100 in Amazon shares at its IPO price would now be sitting on more than $66,000.

Founder and chief executive Jeff Bezos is now the second-wealthiest person in the world with a net worth of $85.1 billion, topped only by Bill Gates, whose wealth is valued at $88.8 billion, according to Bloomberg.