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>> Shares of Amazon going where few others have gone before. The retail giant cracking $1,000 a share for the first time ever on Tuesday. I'm Conway outside of the NASDAQ where shares of Amazon are traded. Investors are willing to pay handsomely for a piece of the company that has totally up-ended traditional retail, leaving malls empty in its wake.
Shares of Amazon skyrocketing and I'm not kidding, 51,000%, yeah, 51,000% since their market debut 20 years ago. Amazon's retail business taking in $95 billion in sales last year. That was more than Macy's, Target and Best Buy combined. But it's not only retail, Amazon has proven it can be successful on many fronts, Amazon web services quickly became one of the big players in the Cloud, and it's making money.
And Amazon has seen success in Hollywood, Amazon Studios garnering critical acclaim on the streaming side with Transparent, and in theaters with Oscar winning Manchester by the Sea. It's membership into the $1,000 a share club is rare, the only other in the S&P 500 is Priceline. That's because companies usually decide on a stock split in order to keep the investment affordable.
A two-for-one split, for example, means that price is cut in half and the investor holding one share now holds two. But Amazon hasn't hinted at one, and neither has Alphabet, which is not far from $1,000 either. Tech companies are choosing not to bother, and get hit with all the costs needed for the stock change.
Great news for Jeff Bezos, with or without a stock split, his stake in Amazon is now worth about $80 billion, making him the world's second-richest man, trailing behind Bill Gates by only a few billion.