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Amazon is the second corporation to exceed $1 trillion in value after Apple, which crossed the threshold on August 2.

He said: "Amazon has now become the second company to reach a trillion dollar valuation, following Apple in August this year". Amazon went public at $18 a share in 1997 - on Tuesday those shares hit $2,050, pushing the value of the whole company over $1trn. While Apple's iPhone and other devices remain popular and its revenues are growing, it is not keeping up with Amazon's blistering sales growth.

Amazon has become the second publicly traded company to be worth $1 trillion USA, hot on the heels of iPhone maker Apple.

Amazon has impressed investors by diversifying into virtually every corner of the retail industry, altering how consumers buy products and putting big pressure on many brick-and-mortar stores.

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It has revolutionised how people shop online and is the world's dominant internet retailer. NY time, pushing its market capitalization over the trillion-dollar mark.

The president frequently attacks Amazon founder and CEO Jeff Bezos, who also owns the Washington Post, and links the online retailer to the newspaper's White House coverage.

Amazon shares were last up 1.1 percent at $2,035.69, pulling back slightly from the milestone level of $2050.2677. Amazon saw its quarterly profit soar past $2 billion United States for the first time earlier this year as the online shopping, cloud computing and advertising businesses all kept growing. In comparison, Apple has risen about35.0percent in 2018.

Amazon's shares are up 75 percent from the beginning of the year.