The e-commerce industry has been at the centre of most entrepreneurial attempts and ventures. Significant developments have happened in this segment over the last couple of decades. The e-commerce division has become an indispensable part of our lives today. Physical obstacles related to brick-and-mortar stores has essentially been eliminated. Without any doubt, Amazon is the at the pinnacle of e-retail. And the credit goes to Jeff Bezos. He is the chief executing officer of the website and the owner of “The Washington Post”.
Jeff Bezos Education & Innovative Mindset
Bezos graduated from Princeton University in 1986 with a degree in computer science and electrical engineering. His early interest in gadgets and the functioning of machines made him turn his parent’s garage into a laboratory. He had business instincts right from the start as during high school, he began the Dream Institute—an educational summer camp for fourth, fifth, and sixth graders.
Jeff Bezos Jobs Before Amazon
After graduation, Bezos worked for several firms on Wall Street. He worked for Bankers Trust and then D.E. Shaw. He was elected as the youngest vice president at D.E. Shaw in 1990. A smooth life wasn’t everything for him and he decided to try his hands on something different. In 1994, he resigned from D.E. Shaw and moved on to the e-commerce industry. He launched an online website that sold books. This marked the beginning of his entrepreneurial path.
Jeff Bezos Net Worth
According to statistics, Jeff Bezos’ net worth is 131 billion USD. The number of zeros in this figure can make people go dizzy! He was the richest person in the world according to Forbes in the year 2018 and 2019. His daily stock earning is estimated at around 260 million USD per day.
Inspired by the great South American River Amazon, he named his online bookstore Amazon.com. The website went live after nearly 300 friends tested the beta site. Amazon.com became popular all over the world. With no promotion, Amazon.com sold books all over the country and within 30 days, the company was operating in 30 countries. Within two months, sales reached around 20,000 USD per week. This was much larger than anticipated.
The company went public in 1997. After two years, the company became the face of the e-commerce industry. The growth of Amazon.com lead to diversification in its offerings. The company began to sell CDs and videos in 1998. Later, toys, clothes, and video games were brought onto the Amazon platform. The move was doneto cover every age group. While many e-commerce websites were struggling to survive, Amazon.com flourished. The yearly sales took a giant leap from 510,000 USD in 1995 to 17 billion USD in 2011.
The introduction of Amazon Prime was significant in revenue boost. The media tycoon declared that Amazon Prime had surpassed 100 million paid subscribers. The company’s value reached 1 trillion USD in the year 2018, making it the second company to break the 1 trillion mark.
Amazon.com launched its video-on-demand service in the year 2006. The extension was initially named as Amazon Unbox on TiVo. Bezos introduced Amazon Studios in 2013. The studio became popular due to its association with the critically acclaimed Transparent and Mozart in the Jungle. Bezos has also made a cameo appearance in the movie Star Trek Beyond as an alien. Under his leadership, Amazon introduced Alexa, the virtual assistant. The arrival of Kindle changed the way people read books after 2007. Bezos gave Apple’s iPad a run for its money by introducing launchingKindle Fire HD. The tablet was affordable and was well received.
The Washington Post Purchase
Bezos made headlines after purchasing The Washington Post for 250 million USD. After taking over the company, Bezos hired hundreds of reporters and editors. Later, the association of Michael Flynn ( the former national security advisor) with Russians was revealed by Washington Post. This forced Flynn to resign. At the end of 2016, the new publisher generated revenues of 100 million USD.
In 2000, Bezos founded Blue Origin. Blue Origin is an aerospace company that makes space travel affordable through cutting-edge tech. For the most part of the decade, the company wasn’t in the news, siloing itself in its research. Bezos invited many reporters to visit the company’s headquarters in Kent in 2016. He proposed a vision of humans colonizing the space. Bezos sold 1 billion USD of Amazon stock to fund Blue Origin. NASA announced that Blue Origin was amongst the 13 companies selected to collaborate on nineteen technology projects to reach the Moon and planet Mars. Blue Origin is also working with NASA on reusable rockets.
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In the year 2018, Bezos launched the Bezos Day One Fund. This organization helps homeless families. It also aims at creating a network of new, non-profit tier-one preschools for low-income communities. Jeff gave away 2 billion USD of his personal fortune to fund the nonprofit organization.
For many years, Bill Gates was at the tip of our tongues when speaking of the world’s richest person. Jeff Bezos changed that. The staggering increase in his wealth shows what behemoth of a company Amazon has become. What began as an online bookstore now deals with cloud services, e-retail, electronics, high tech offerings, and what not. Jeff Bezos is an example of how consistent efforts and innovation can take an individual to unimaginable success!