Amazon has become the second company after Apple to hit 1 trillion dollars valuation. The company’s stock is up 72% year-to-date. It has doubled in the past year and has nearly tripled since Trump’s election.
In what is similar to China undercutting the competition on price and has cornered the world’s export market, Amazon has undercut the retail industry on price, and cornered the world’s retail business. Experts noted that as sales growth accelerates for Amazon, so does the speed at which competition is being destroyed.
“But Amazon is now moving aggressively into almost every industry. This company has to be/will be broken up,” said market expert Bryan Rich.
While the actual dollar amount Amazon is worth doesn’t matter that much, what it reflects – $178 billion in annual revenue, over half a million workers, and an expanding reach into health care, advertising, artificial intelligence, facial recognition and transportation – could bring it greater scrutiny from politicians who have already warned it’s exerting too much control over our lives.
“It becomes more important to engage in a dialogue about broader impacts of your technology as well as your corporate footprint,” said William Riggs, a planning strategist and professor at the University of San Francisco. “The increased power and command of the marketplace necessitate increased responsibility.”