Banking through Amazon may soon be possible

<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>