Here's how rich Jeff Bezos got as Amazon's CEO:
Today is Jeff Bezos’ last day as Amazon CEO, ending a remarkable 27-year run that saw the e-commerce giant become one of the most valuable public companies in the world, with a market capitalization of $1.8 trillion. In the process, his fortune has increased by 12,425%—up by $196 billion since 1998, when he first appeared on The Forbes 400 list of richest Americans with a net worth of $1.6 billion. Now, he’s worth nearly $202 billion, making him the richest person on Earth.
Bezos will still stay on as Amazon’s executive chairman, while Amazon Web Services chief Andy Jassy—who joined the e-retailer in 1997—will take over day-to-day operations as CEO on July 5. Bezos won’t be as involved with the company he founded in 1994; he’ll instead focus on his other interests, including his charities—the Bezos Day One Fund and the Bezos Earth Fund—as well as his commercial space company, Blue Origin, which is set to take him and his brother Mark into space on July 20.
Bezos first became a billionaire in 1998, the year after Amazon went public as an online bookseller. At the time, the company was only just beginning to expand past books by allowing customers to buy CDs online. That year, Amazon’s average share price was only $7.47, a fraction of the $3,487.40 shares are worth today.
Over the next two decades, Amazon’s business began expanding into other industries. In 2005, the company launched its now famous Prime membership service, offering customers who paid an annual $79 fee for free two-day-delivery. In 2006, Amazon created its cloud computing unit Amazon Web Services, which is now the most profitable arm of the company.
Amazon’s sheer size and growing influence has drawn criticism from all corners of the political spectrum. Antitrust regulators are investigating the company, labor activists are seeking to unionize Amazon’s sprawling network of warehouses, progressive lawmakers have publicly slammed Bezos’s massive wealth and conservatives denounced Amazon’s decision earlier this year to remove a book on transgender issues.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Richard Branson Races Jeff Bezos to Space as Covid-19 Hits Business Back on Earth“Nobody will feel confident in his commercial space flights if he is unwilling to do it himself.” Richard Branson is taking a risk this Sunday, flying to space and back in a stunt that would assure future customers that space tourism is safe.
Read more »
Factbox-Bezos, Branson and Musk: Who is winning the space tourism race?Here is how their rival ventures compare in the race to open up space travel. Bezos, Branson and Musk have been investing billions of dollars in their space startups, each promising to ferry paying customers on rides to space - and it will cost a pretty penny to be part of it. Branson's Virgin Galactic is reported to have more than 600 ticket reservations already, priced around $250,000.
Read more »
Richard Branson and Jeff Bezos Are Going to Space. Here’s How Their Trips Will Differ.In the billionaire space race, Richard Branson and Jeff Bezos are using different methods. We show through these immersive videos how they plan to get there and back.
Read more »
What's next for Amazon's Bezos? Look at his InstagramWATCH: Jeff Bezos stepped down as Amazon's chief executive and now plans to travel into space on a crewed flight from his company Blue Origin this month
Read more »
What's next for Amazon's Bezos? Look at his InstagramWATCH: Jeff Bezos stepped down as Amazon's chief executive and now plans to travel into space on a crewed flight from his company Blue Origin this month
Read more »
Billionaires, livestreams and Stephen Colbert: Welcome to a new era of space flightA new kind of space race is set to begin this weekend. Upcoming launches that will take Richard Branson and Jeff Bezos to space are bringing a new visibility to space travel at a time when the industry is booming.
Read more »