It’s not $3 million, not $3 billion, but a whopping $3 trillion!
Amazon joins in the elite list of stocks to top $3 trillion in value, with the list including companies from Nvidia to Apple. RSF has more.
Whopping $3 trillion
Amazon, the world’s number one eCommerce store, has officially surpassed $3 trillion in market value, the only fifth company to do so, reaching that milestone.
It enlists itself in the ranks of technology company Nvidia, Google’s parent company Alphabet, Microsoft Corporation, and Apple, the only companies that have reached that market size.
Amazon’s shares rose as much as 5.3 percent as of around 9:30 a.m. on Monday, adding to the raucous rally last week following second-quarter earnings that showed accelerating cloud-computing revenues.
This is an interesting feat since Amazon had previously been mired in a sell-off for much of the previous three months as investors soured on shares of companies that had committed to spending billions of dollars on AI. For instance, between its May first-week record and the three-month low it hit last month, its stocks sank almost 18 percent.
Those fears were eased and erased last week after it reported that the revenue for its Amazon Web Services unit the previous quarter jumped by the most since 2021. Shares surged over 15 percent in response, their largest one-day jump in over 14 years, adding nearly $400 billion in value.
This helped catapult Amazon back into position as among the best-performing stocks this year.
In other news, Amazon sued over false seafood sustainability claims
Meanwhile, in other Amazon news, the eCommerce company has been sued over false seafood sustainability claims.
Seafood provides a lot of benefits for the health and well-being. Seafood provides high-quality protein, omega-3 fatty acids, vitamins, and essential minerals that support heart, brain, and eye health. Regular consumption may reduce inflammation, improve cognitive function, strengthen bones, and promote healthy skin. Many seafood varieties are also low in saturated fat, making them a nutritious choice for balanced diets.
However, companies like Amazon are allegedly promoting seafood in the wrong way.
So, Amazon has been hit with a class action lawsuit accusing it of publishing misleading and false information about where its seafood products are sourced.
The complaint, filed in the USA District Court in the Western District of Washington, cites the eCommerce company’s use of terms such as “sustainable,” “sustainably sourced,” “wild caught,” “traceable,” and “dolphin safe” to describe seafood products.
The lawsuit is saying that these are not accurate.
“The sustainability claims create the net impression that the greenwashed seafood products are sourced in a manner that causes minimal harm to the planet and our oceans – an impression that is at best unsubstantiated and at worst materially false,” the lawsuit stated.
As of press time, Amazon has not issued their official statement on this.
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