How Amazon’s Jeff Bezos got richer, richer
Jeff Bezos’ last day as Amazon chief executive officer ended a remarkable 27-year run that saw the e-commerce giant become one of the most valuable public companies in the world.
Market capitalisation of $1.8 trillion, stood in his name.
In the process, his fortune increased by 12,425 per cent—up by US$196 billion (FJ$407 billion)since 1998, when he first appeared on The Forbes 400 list of richest Americans with a net worth of US$1.6 billion (FJ$3.3 billion).
Now, he’s worth nearly $202 billion (FJ$419 billion), making him the richest person on Earth.
Mr 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 chief executive officer on July 5.
Mr 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.
Mr Bezos first became a billionaire in 1998, the year after Amazon went public as an online bookseller.
Expansion
At the time, the company was only just beginning to expand past books by allowing customers to buy CDs online.
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 twoday-delivery.
In 2006, Amazon created its cloud computing unit Amazon Web Services, which is now the most profitable arm of the company.
It got into streaming video in 2011, groceries by acquiring Whole Foods in 2017, home security with its purchase of Ring in 2018 and also film production —which it’s aiming to expand with its recent bid for MGM studios in May.
Criticism
Amazon’s sheer size and growing influence has drawn criticism from all corners of the political spectrum.
Anti-trust regulators are investigating the company.
Labour activists are seeking to unionise Amazon’s sprawling network of warehouses.
Progressive lawmakers have publicly slammed Bezos’s massive wealth.
Conservatives denounced Amazon’s decision earlier this year, to remove a book on transgender issues.
Amazon responded at the time saying it has a policy of refusing to sell books framing LGBTQ identities as mental illnesses.
Despite recent hurdles and antitrust concerns, Amazon’s stock price continued to skyrocket, rewarding its founder with an everincreasing fortune.
Mr Bezos became the wealthiest person in the world in 2018 when his net worth doubled, jumping from US$81.5 billion (FJ$168 billion) in October 2017, to $160 billion (FJ$332 billion) the following October, thanks to Amazon’s soaring stock price.
He beat out Bill Gates, Warren Buffett and Mark Zuckerberg, becoming the first person to amass a 12-figure fortune on Forbes’s annual ranking of the 400 richest Americans.
He’s stayed on top of the list since then, particularly as the pandemic pushed Amazon shares to new heights.