- Like Apple, Amazon Hits $1 Trillion Valuation
Amazon.com Inc made history on Tuesday by becoming the second U.S. public traded company to crack $1 trillion market valuation following Apple success last month.
Amazon shares rose as high as $2,050.50 on Tuesday before closing at $2,039.51, slightly below the $1 trillion market-cap thresholds. The stock has now gained 75 per cent in 2018 alone.
However, experts warn against taking a position at this juncture, saying the stock is currently at an overbought level.
According to Matt Maley, equity strategist at Miller Tabak “The stock has obviously had a great run here, and on a couple of things that I look at, it’s getting quite extended.”
“It seems to be getting quite extreme, and I think the stock could pull back,” Maley said, adding it is now trading at a stunning 136 per cent premium to its 200-week moving average.
Still, Maley wouldn’t short the stock because of the extreme Relative Strength Index level.
Jeff Bezos, the founder of Amazon.com Inc and world’s richest person, is $1.8 billion richer and has now gained more than $60 billion this year alone with a net worth of $164.7 billion.
Bezos, 54, donated $10 million to a nonpartisan super PAC dedicated to electing U.S. military veterans to Congress, the Wall Street Journal reported on Wednesday.
Jeff Bezos is worth nearly as much as Bill Gates and Warren E. Buffett put together.
