<p>Amazon has officially hit the $1 trillion valuation mark.&nbsp;</p><p>On Tuesday, it became the second publicly-traded U.S. company to reach the goal. Apple&nbsp;<a href="https://www.newsy.com/stories/apple-stock-value-hits-new-record-high-for-public-company/" target="_blank">crossed the $1 trillion line in August</a>.&nbsp;</p><p>The milestone comes after&nbsp;<a href="http://phx.corporate-ir.net/phoenix.zhtml?c=176060&p=irol-newsArticle&ID=2360353" target="_blank">Amazon reported second quarter earnings that doubled investors&#39; expectations,</a>&nbsp;thanks in part to the success of its cloud business,&nbsp;<a href="https://www.cnbc.com/2018/07/26/amazon-earnings-q2-2018.html" target="_blank">Amazon Web Services,</a>&nbsp;and advertising.</p><p>Since it was founded in 1994, CEO Jeff Bezos has taken Amazon from an online bookseller to an online retail giant that has its hands in various industries.&nbsp;&nbsp;Last year, it jumped into the grocery business by purchasing Whole Foods Market. Amazon also announced a move into health care with the&nbsp;<a href="https://www.newsy.com/stories/amazon-to-enter-pharmacy-market-with-pillpack-acquisition/" target="_blank">acquisition of online pharmacy PillPack</a>.</p><p>The e-commerce company&#39;s success hasn&#39;t come without criticism, though. Experts have expressed concern that Amazon&#39;s hold on consumers shutters competition from other companies. It&#39;s also faced scrutiny from President Donald Trump, who claims it doesn&#39;t pay adequate taxes.</p><p>Earlier this year, Bezos hit a milestone in his own net worth. He became the richest person in history, surpassing Microsoft founder Bill Gates, according to&nbsp;<a href="https://www.bloomberg.com/billionaires/" target="_blank">Bloomberg&#39;s billionaire index</a>.&nbsp;&nbsp;</p><p>Additional reporting from Newsy affiliate&nbsp;<a href="http://www.cnn.com" target="_blank">CNN</a>.&nbsp;&nbsp;</p><hr><b>Trending stories at <a href="http://www.newsy.com">Newsy.com</a></b><ul class="inline-related-links"><li><a href="http://www.newsy.com/stories/colin-kaepernick-s-nike-campaign-sparks-boycott/">Some Aren&#039;t Happy About Colin Kaepernick&#039;s Nike Campaign</a></li><li><a href="http://www.newsy.com/stories/coca-cola-to-buy-costa-coffee/">Look Out Starbucks, Coca-Cola Set To Buy Global Coffee Brand</a></li><li><a href="http://www.newsy.com/stories/sinclair-calls-tribune-suit-meritless-counter-sues/">Sinclair Counter-Sues Tribune Media As Failed Merger Spat Escalates</a></li></ul>
is in the early stages of adding a checking-account-like product to its website.
According to the Wall Street Journal
, the online retailer is in talks with big banks including JPMorgan Chase & Co. to create a bank account program that will appeal to younger customers.
With millions of customers, troves of data, access to cheap capital and seemingly unlimited leeway from its investors to enter new businesses, Amazon is a fearsome competitor. Its more-than $700 billion market value eclipses the combined value of JPMorgan and Bank of America
Corp , the two biggest U.S. banks, the WSJ reports.
A significant amount of Amazon Prime customers are interested in this feature being added. According to a report
from Bain.com, 65 percent would be willing to try a free online bank account from Amazon.
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