Why Amazon is worth $10 billion? This story is breaking…

HARDBALLING sales of Amazon.com Inc.’s Kindle e-reader have soared since the company introduced the Kindle Paperwhite in late 2014.

The e-readers now sell for about $350 on Amazon.co.jp, compared with about $500 in 2013, and the company said last week it expects that sales will hit $1 billion in 2020.

Amazon’s sales have been boosted by the launch of the Kindle Fire tablet in early March, which Amazon calls a “worldwide phenomenon.”

Amazon’s stock price rose 8.3% in the past 24 hours, to $8.43.

Shares of Google Inc. and Microsoft Corp. also have surged since the introduction of the new tablets, with Google gaining 10% to $56.30 and Microsoft’s market value rising by more than 10%.

Amazon shares are trading around $9.40, about 6.5% higher than the S&P 500’s price of $9,849.

The Dow Jones Industrial Average closed down 0.7% to 17,664.

The Nasdaq Composite Index of small companies closed down 2.5%, or 3.1%, to 4,966.


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