Amazon hit a notable milestone today as its stock reached $2,000 per share. The news brings Amazon a fraction closer to joining the exclusive trillion-dollar club. Apple became the first U.S. company to hit the $1 trillion market cap earlier this month and is only the second company globally to hit such heights.
Now, one expert says Amazon could reach a $2.5 trillion stock market value by 2024.
Rob Sanderson, from MKM Partners, says that Amazon Web Services could be worth $1 trillion in six years, more than the current market cap of the entire company, which currently sits at $929 billion.
“We still think that Amazon is the best long-term growth investment available to investors today,” Sanderson said.
The thought of such a huge corporation has some progressives already concerned about wages and working conditions.
Sen Bernie Sanders continued to speak out against Amazon, last week sending an email to his supporters asking them to join forces against Amazon, which he accused of “paying its workers poor wages while its CEO and founder amasses unprecedented wealth.”
The email accused Amazon of engaging in “greed which seems to have no end” and encouraged readers to sign a petition that would impel Jeff Bezos to improve work conditions and increase wages.
Amazon called Sanders allegations “inaccurate and misleading.”
Amazon currently controls 5 percent of all retail sales in the U.S. and 1 percent globally, according to Jodi Seth, head of policy communications for Amazon. By 2020, the number is estimated to increase to 10 percent of all retail sales in the U.S.
President Trump has also been very vocal in his criticism of Amazon. Trump recently insinuated in a Tweet that Amazon has a “huge antitrust problem”. Trump could pressure Congress to come up with options for introducing new laws or changing existing laws that could force Amazon to break up.