Jeff Bezos is a founder, chairman, president, and chief executive officer of Amazon.com and owner of ‘The Washington Post.
Who is Jeff Bezos
E-Commerce pioneer and Technology Entrepreneur Jeff Bezos was born on January 12, 1964, in New Mexico and raised in Houston, Texas, United States. Bezos had a huge love of computers, and he studied computer science and electrical engineering at Princeton University.
In 1986 after graduation, Jeff started working in a fin-tech telecommunications start-up, Fitel, where he was given the task to build a network for international trade. Later he joined the banking industry when he became 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 became D. E. Shaw’s senior vice-president at the age of 30. In 1994 Jeff Bezos quit his lucrative job in the investment firm to open Amazon.com, an online bookstore that became one of the Internet’s biggest success stories of all time.
In 1993, Bezos left his job at D. E. Shaw and started an online bookstore. On July 5, 1994, he founded Amazon in his garage after writing its business plan while traveling 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 was a 70% chance that Amazon would fail or go bankrupt. The initial success of the company was rapid. Amazon.com sold books across the United States and in 45 other countries with almost no promotional activity 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 Bezos had always planned to expand to other products. Bezos diversified into the online sale of music CDs and video and later expanded to clothes, electronics, toys, and more through major retail partnerships.
In the late ’90s, while many dots. Coms companies went bust, and Amazon keeps flourishing with yearly sales that jumped from $510,000 in 1995 to over $17 billion in 2011. On February 1, 2018, Amazon reported its highest ever profit with quarterly earnings of $2 billion.
Kindle & Blue Origin
In 2007, Amazon released a handheld digital book reader, Kindle, allowing users to buy, download, read, and store their book selections. In the same year, Jeff Bezos announced that he has invested in a Seattle-based aerospace company, Blue Origin, that develops technologies to offer space travel to paying customers.
On July 20 2021, Jeff, with his brother Mark, Oliver Daemen, and Wally Funk, launched on NS-16 mission. This mission became the first fully automated flight with multi-person civilian passengers, internationally-recognized sub-orbital spaceflight.
On August 5, 2013, Bezos made headlines worldwide when he announced that he purchased The Washington Post and other publications affiliated with its parent company for $250 million. This iconic deal marked the end of the four-generation reign over The Post Co. by the Graham family.
Jeff Bezos first became a millionaire in 1997 after raising $54 million through Amazon’s IPO. He was first included on the Forbes World’s Billionaires list in 1999 with a net worth of $10.1 billion. On July 27, 2017, Jeff Bezos became the world’s richest person when his estimated net worth increased to over $90 billion.
On November 24, 2017, Bezos’s wealth surpassed $100 billion for the first time, and he formally became the wealthiest person in the world by Forbes on March 6, 2018, with a net worth of $112 billion. In July 2018, Forbes named Jeff Bezos the “richest man in modern history” by his net worth increased to $150 billion.
As of February 2022, Jeff Bezos net worth is $187.1 billion
Wife and Kids
While working in D.E., Shaw Bezos met his future wife, MacKenzie Tuttle, and married in 1993. They have four children together three sons and an adopted daughter from China. On January 9, 2019, Jeff and MacKenzie announced their intent to divorce. The divorce was finalized on April 4, 2019, with Bezos keeping 75% of the couple’s Amazon stock and MacKenzie getting the remaining 25% ($35.6 billion) in Amazon stock.