Amazon shares top $3,000 for first time

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IANS | 07 Jul, 2020
E-commerce giant Amazon became worth more than $1.5 trillion after its shares breached the $3,000 mark for the first time on Monday, beating expectations of many analysts.

The Covid-19 restrictions have dramatically increased demands for online delivery as well as Amazon's Cloud computing services.

Some traders expect the stock to run even higher in the coming days, according to a report in CNBC.

"While it's not cheap, it's not very expensive," Nancy Tengler, chief investment officer at Laffer Tengler Investments, told CNBC.

"The company is benefiting from super-fast sales growth, up 26 per cent year over year, and that's been able to support the price at these levels, according to our valuation work," Tengler was quoted as saying.

According to a study by Comparisun, a company which helps organisations compare different business products, Amazon founder and CEO Jeff Bezos could potentially become the world's first trillionaire as early as 2026, at which point he will be aged 62.

Despite losing an estimated $38 billion as part of his recent divorce, Bezos is still by far the world's richest person and his net worth has grown by 34 per cent on average over the last five years, said the study.