Jeff Bezos-
Jeff Bezos is a founder, chairman, president and chief executive officer (C.E.O) of Amazon.com and owner of 'The Washington Post'. E-Commerce pioner and Technology Entrepreneur.
When Jeff Bezos founded Amazon.com in 1994, the age of the online-only retailer appeared to be far off.
Life story of Jeff Bezos-
Jeff Bezos was born on 12th January 1964 in New Mexico and raised in Houston, Texas United States. Jeff Bezos had a huge love of computers and he studied computer science and electrical engineering at Princeton University.
In 1986 after graduation Jeff Bezos start working in a fin-tech telecommunications start-up, Fitel, where he was given the task to build a network for international trade. Later he joins the banking industry when he become a product manager at bankers trust and he worked there from 1988 to 1990. In 1990 he joined a newly founded hedge fund, D.E. Shaw & Co and worked there until 1994 and become D.E. shaw's senior vice-president at the age of 30. In 1994 Jeff Bezos advantageous job in the investment firm to open amazon.com, an online bookstore that became success stories of all time.
In 1990 bezos left his job at D.E. Shaw and decided to start an online bookstore. On 5th July 1994, he founded amazon in his garage after writing in his business plan while travelling from New York to Seattle. Jeff Bezos named his new company Amazon because the name begins with the letter A, which is at the beginning of the alphabet and after the Amazon River in South America. He borrowed approx. $300,000 from his parents and invested in Amazon. In the first few months after starting his new venture, Bezos thought that there is a 70% chance that Amazon would fail or go bankrupt. The initial success of the company was rapid. With almost no promotional activity, Amazon.com sold books across the United States and in 45 other countries within the first 30 days. In the first two months, sales reached $20,000 a week, growing faster than Bezos and team had anticipated. Originally Amazon was an online bookstore, but Jeff had always planned to expand to other products. Bezos diversified into the online sale of music CDs and video and later also expanded to clothes,electronics, toys and more through major retail partnerships. In the late 90s, while many dot.com companies went bust, Amazon keeps flourishing with yearly sales that jumped from $510,000 in 1995 to over $17 billion in 2011. On 1st February 2018, Amazon reported it's highest ever profit with quarterly earnings of $2 billion.
Net Worth-
On 27th July 2017, Jeff Bezos become the world's richest person when his estimated net worth increased to just over $90 billion. On 24th November 2017, Bezos wealth surpassed $100 billion for the first time and he was formally become the wealthiest person in the world by Forbes on 6th March 2018, with a net worth of $112 billion. In July 2018 Jeff Bezos was named the "richest man in modern history" by forbes after his net worth increased to $150 billion. In August 2020, according to Forbes, he had a net worth exceeding $200 billion. In 2020 during the COVID-19 pandemic, Bezos's wealth grew by approximately $24 billion.
On February 2, 2021, Bezos announced that he would step down as the CEO of Amazon sometime in the third quarter of 2021, and transition into the role of executive chairman. He is due to be replaced as CEO by Andy Jassy, the chief of Amazon's cloud computing division.
Quotes:-
"If you don’t understand the details of your business you are going to fail.”
