Amazon Hits $900B Value, Edges Closer to Apple

Amazon (AMZN) broke a record on Wednesday as it became the second company after Apple to hit a $900 billion market cap.

One day after its annual Prime Day event, Amazon announced it had sold more than 100 million products during the 36-hour-long event. That’s despite some glitches that prevented customers from placing orders.

Following the announcement, Amazon’s stock price hit a record high of $1,858.88. This gave the company a $902 billion market cap. (The price retreated slightly afterward.) The online retail giant likely netted between $1.5 -$2 billion in revenue, estimated RBC Capital Markets analyst Mark Mahaney.

Amazon has had noteworthy success this year, with its stock price climbing almost 57% YTD. Amazon’s founder and CEO, Jeff Bezos, has also accrued a net worth over $150 billion. He is now the wealthiest person in the world.