Who is Jeffrey Bezos?
Jeffrey Preston Bezos Jorgensen; born January 12, 1964) is an American business magnate, media proprietor, and investor. Bezos is the founder and CEO[a] of the multi-national technology company Amazon. With a net worth of more than $200 billion as of June 2021, he is the richest person in the world according to both Forbes and Bloomberg's Billionaires Index.
Born in Albuquerque and raised in Houston and later Miami, Bezos graduated from Princeton University in 1986. He holds a degree in electrical engineering and computer science. He worked on Wall Street in a variety of related fields from 1986 to early 1994. Bezos founded Amazon in late 1994, on a cross-country road trip from New York City to Seattle. The company began as an online bookstore and has since expanded to a wide variety of other e-commerce products and services, including video and audio streaming, cloud computing, and artificial intelligence. It is currently the world's largest online sales company, the largest Internet company by revenue, and the world's largest provider of virtual assistants[6]and cloud infrastructure services through its Amazon Web Services branch.
Bezos founded the aerospace manufacturer and sub-orbital spaceflight services company Blue Origin in 2000. Blue Origin's New Shepard vehicle reached space in 2015, and afterwards successfully landed back on Earth. The company has upcoming plans to begin commercial suborbital human spaceflight. He also purchased the major American newspaper The Washington Post in 2013 for $250 million, and manages many other investments through his venture capital firm, Bezos Expeditions.
Amazon
Bezos (center) at a cooperative for robotics in 2005
In late 1993, Bezos decided to establish an online bookstore He left his job at D. E. Shaw and founded Amazon in his garage on July 5, 1994, after writing its business plan on a cross-country drive from New York City to Seattle. Prior to settling on Seattle, Bezos had investigated setting up his company at an Indian reservation near San Francisco in order to avoid paying taxes. Bezos initially named his new company Cadabra but later changed the name to Amazon after the Amazon River in South America, in part because the name begins with the letter A, which is at the beginning of the alphabet. At the time, website listings were alphabetized, so a name starting with "A" would appear sooner when customers conducted online searches. In addition, he regarded "Amazon," the name of the world's largest river as fitting for what he hoped would become the world's largest online bookstore. He accepted an estimated $300,000 from his parents and invested in Amazon He warned many early investors that there was a 70% chance that Amazon would fail or go bankrupt. Although Amazon was originally an online bookstore, Bezos had always planned to expand to other products Three years after Bezos founded Amazon, he took it public with an initial public offering (IPO). In response to critical reports from Fortune and Barron's, Bezos maintained that the growth of the Internet would overtake competition from larger book retailers such as Borders and Barnes & Noble In 1998, Bezos diversified into the online sale of music and video, and by the end of the year he had expanded the company's products to include a variety of other consumer goods Bezos used the $54 million raised during the company's 1997 equity offering to finance aggressive acquisition of smaller competitors.
In 2000, Bezos borrowed $2 billion from banks, as its cash balances dipped to only $350 million In 2002, Bezos led Amazon to launch Amazon Web Services, which compiled data from weather channels and website traffic. In late 2002, rapid spending from Amazon caused it financial distress when revenues stagnated. After the company nearly went bankrupt, he closed distribution centers and laid off 14% of the Amazon workforce. In 2003, Amazon rebounded from financial instability and turned a profit of $400 million. In November 2007, Bezos launched the Amazon Kindle. a 2008 Time profile, Bezos wished to create a device that allowed a "flow state" in reading similar to the experience of video games. In 2013, Bezos secured a $600-million contract with the Central Intelligence Agency (CIA) on behalf of Amazon Web Services. In October of that year, Amazon was recognized as the largest online shopping retailer in the world.
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