Jeff Bezos is an Entrepreneur, e-commerce visionary, chairman and CEO of Amazon, publisher of The Washington Post as well as the owner of Blue Origin space technology venture. His successful tech projects rendered him one of the world’s wealthiest men.
Based in New Mexico in 1964, Bezos had early internet appreciation. And even at Princeton University, he pursued computer science as well as electrical engineering. He served on Wall Street since he was in school. But in 1990, he had become the youngest executive vice president at the venture capital firm, D.E. Shaw.
4 years later, Jeff Bezos left his lucrative career for launching Amazon.com, an internet retailer that would become one of the greatest success stories over the years. Bezos acquired The Washington Post in 2013, and Amazon purchased Whole Foods in 2017.
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How Successful is Jeff Bezos?
Jeff Bezos’ Early Life & Education
On 12 January in 1964, Bezos was born in the city of Albuquerque, New Mexico, to Mrs. Jacklyn Gise Jorgensen, a young mother, with his adoptive father named Ted Jorgensen. While Bezos was 4, his mom remarried to a Cuban immigrant named Mike Bezos.
In 1986, Bezos graduated with both a degree in electrical engineering and computer science from Princeton University. Bezos displayed an early curiosity in how things work, converting the garage of his parents into a workshop and installing electrical machines around his childhood home.
He relocated with his family to Miami where he established a passion for computing and then graduated from his high school as somewhat of a valedictorian. During high school, he began his first company, the Dream Institute, a fourth, fifth, and sixth graders summer education camp.
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Jeff Bezos’ Early Career
After graduation from Princeton, Jeff Bezos found a job on Wall Street at several companies including Bankers Trust, Fitel, as well as the investment company, D.E. Shaw. Bezos became the D.E. in 1990, which made him the youngest vice president at Shaw’s.
Although his banking future was immensely profitable, Bezos decided to make a bold move into the emerging e-commerce sector. He left his official job in 1994, relocated to Seattle and then launched an online bookshop to exploit the immense potential of the Wireless market.
Founding Story of “Amazon.com”
Bezos launched Amazon.com on July 16, 1995, after getting 300 peers to beta test the platform. Which was named as per the initials of the meandering South American river, Amazon? A few workers started developing apps with Jeff Bezos in his workshop in the days before the release, and they decided to expand these activities in just a two-bedroom home with triple Sun Microstation.
The company’s initial success had been rapid. Only through the coverage of the public, Amazon.com had sold books under 30 days throughout the United States as well as in 45 foreign lands. Sales hit $20,000 each week within just two months. Growing much faster than Bezos and his business team had ever expected.
Amazon.com became popular in 1997, causing other industry analysts to wonder whether the business would be able to keep its popularity as established stores introduced their very own e-commerce websites. 2 years later, this start-up had not just kept up its originality but also exceeded competition and became a pioneer in e-commerce.
With both the launch of DVDs and films in 1998, including clothing, appliances, toys and much more shortly afterward, Bezos started to diversify Amazon’s products across major retail alliances. While many early nineties dot.coms were losing a lot of money. Amazon grew with annual sales rising from US$510,000 in the year 1995 to over US$17 billion in 2011.
The retail tycoon has said that the organization reached 100 million registered users of Amazon Prime as a part of Jeff Bezos’ 2018 Annual stakeholder report. Amazon was estimated at more than $1 trillion by September 2018. The second corporation ever to reach the milestone only weeks following Apple.
Amazon confirmed that it was increasing the minimum salary to $15 an hour for its employees at the close of 2018. The organization is, however, yet to be blamed for its employment conditions and grueling speed. Which is evident from the staff demonstrating in July 2019 throughout Prime Day.
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Amazon.com introduced the Video-on-Demand business in 2006. It was originally labeled on TiVo through Amazon Unbox. Which ultimately became re-branded to Amazon Instant Video. In 2013, with the opening of Amazon Studios, Bezos launched many original shows. In 2014, the company made it big with the highly acclaimed “Mozart and Transparent in the Jungle”. The business also produced and distributed its first exclusive screenplay, “Chi-Raq” by Spike Lee, during 2015.
Throughout 2016, Bezos walked up to crowds dressed as an alien for guest appearances throughout the “Star Trek Beyond” promos. A Star Trek enthusiast since childhood, he mentioned in IMDb’s film credits as one of the Starfleet Officials. The Seattle Times later reported in early 2018 that Amazon had streamlined its online business operations to concentrate on growing regions like entertainment content and Alexa. A digital assistant to Customers.
How Wealthy is Jeff Bezos?
Since August 2019, Bloomberg and Forbes measured Jeff Bezos’s net worth at US$110 billion. Which is more than 1.9x percent of the median family income throughout the United States. In both 2018 and 2019, Bezos ruled Forbes’ list of top richest people.
Each year since 1998, Bezos has won the same US$81,840 compensation at Amazon and he never received a portfolio bonus. But Amazon’s investments rendered him a quite wealthy man. A review of Bezos’s portfolio revenue for 2018 showed that he takes US$260 million home around each day.
As per Bloomberg, Bezos had narrowly crossed Microsoft creator Bill Gates in July 2017. And become the world’s wealthiest man before slipping back on number two. Then in October, the Amazon boss reclaimed the top spot. In January 2018, according to Bloomberg, Bezos had surpassed Gates’ previous record in assets at a net value of US$105.1 billion.
To conclude, the riches of Bezos would exceed the vast assets of American business tycoons Andrew Carnegie, John Rockefeller, and Henry Ford. So, we can only imagine how successful he would have to be to ascend to such a pinnacle.
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