Amazon’s shares briefly edged passed the $1trn market value mark yesterday, making it only the second publicly listed US firm to do so.

The online retailer’s share rose 2% on Tuesday to an all-time high of $2,050.50 during morning trade before slipping to $2,036 per share.

This etail giant’s $1trn valuation comes a month after Apple became the first US-listed business to reach the milestone.

Amazon has reached this marker just 24 years after it was founded in 1994. Founder and chief executive Jeff Bezos is the world’s richest man, with a net worth of over $160bn

The £1trn capitalisation follows the online retailer’s record twelvefold increase in profits to $2.5bn (£1.9bn) in its second quarter, the three months to the end of June.

Sales during this period surged 39% year on year to $52.9bn (£40.4bn), driven by the rapid growth of its cloud platform division Amazon Web Services.