Amazon shares surged past $2,000 for the first time on Thursday, putting the e-commerce titan within arm’s reach of a $1 trillion valuation.
The Seattle-based company’s stock hit an all-time high of $2,025.57, having grown nearly 70 percent year-to-date, and has gained over 3,000 percent in the past decade.
Indeed, it was less than a year ago in early October 2017 that Amazon shares first crossed the $1,000 mark.
The eye-popping rally has likewise pumped the net worth of Amazon’s founder and CEO, Jeff Bezos, who earlier this year eclipsed Bill Gates to become the richest man in the world. Bezos is currently worth $164.4 billion, versus Gates’ $98.4 billion, according to Bloomberg.
To reach the $1 trillion valuation — a feat which Apple accomplished earlier this month, becoming the first company ever to do so — Amazon’s stock needs to reach $2,050.27
Shares in the online juggernaut run by Jeff Bezos in mid-morning trades were recently up 1 percent at $2,018.
Amazon’s growth spurt this week came after analysts at Morgan Stanley raised their price target for the retailer to $2,500 from its previous target of $1,850.
“We have increasing confidence that Amazon’s rapidly growing, increasingly large, high margin revenue streams (advertising, AWS, subscriptions) will drive higher profitability” analyst Bryan Nowak said in a note on Wednesday.