Amazon's shares hit $1k for the first time ever
Amazon's shares hit and briefly surpassed $1,000 for the first time ever today, per AP. The company is now valued at twice Wal-Mart's worth, and only one other tech company (Priceline Group) trades over $1k.
Why it matters: Amazon and Alphabet (Google's holding company) have been competing to be the first tech giant to reach and pass the $1k share price. Furthermore, Amazon and Wal-Mart have been in a tight race for the top e-commerce spot. In early 2017, Walmart's online sales had increased by 29% from the year before — Amazon's rose just 22%. But now the company's share price and value is higher than these competitors, which could inspire Alphabet to target investors in new ways.
One quick thing: Although there are 14 other companies whose stocks trade past $1k, "Amazon is more than four times more valuable than those other fourteen companies combined," per CNBC.