Jeff Bezos, Richest of All
American entrepreneur Jeff Bezos is the founder and chief executive officer of Amazon.com and owner of ‘The Washington Post.’ His successful business ventures have made him one of the richest people in the world.
Who is Jeff Bezos?
Jeff Bezos was born on January 12, 1964, in Albuquerque, New Mexico, to a teenage mother, Jacklyn Gise Jorgensen, and his biological father, Ted Jorgensen. The Jorgensens were married less than a year, and when Bezos was 4 years old his mother remarried, to Cuban immigrant Mike Bezos.
As a child, Jeff Bezos showed an early interest in how things work, turning his parents’ garage into a laboratory and rigging electrical contraptions around his house.
He moved to Miami with his family as a teenager, where he developed a love for computers and graduated valedictorian of his high school. It was during high school that he started his first business, the Dream Institute, an educational summer camp for fourth, fifth and sixth graders.
Bezos pursued his interest in computers at Princeton University, where he graduated summa cum laude in 1986 with a degree in computer science and electrical engineering. After graduation, he found work at several firms on Wall Street, including Fitel, Bankers Trust and the investment firm D.E. Shaw.
After Bezos graduated from Princeton in 1986, he was offered jobs at Intel, Bell Labs, and Andersen Consulting, among others. He first worked at Fitel, a fin-tech telecommunications start-up, where he was tasked with building a network for international trade.
Bezos was promoted to head of development and director of customer service thereafter. He transitioned into the banking industry when he became a product manager at Bankers Trust; Bezos worked there from 1988 to 1990.
Then joined D. E. Shaw & Co, a newly founded hedge fund, in 1990 and worked there until 1994. Bezos became D. E. Shaw’s fourth senior vice-president at the age of 30.
In late 1993, Bezos decided to start 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 trip from New York to Seattle.
Bezos initially named his new company Cadabra but later changed the name to Amazon after the Amazon River. In part because the name begins with the letter A, which is at the beginning of the alphabet.
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; by the end of the year, he had also expanded the company’s products to include a variety of consumer goods.
Bezos used the $54 million raised during the company’s 1997 equity offering to finance the aggressive acquisition of smaller competitors. In 2002, Bezos led Amazon to launch Amazon Web Services, which compiled data from weather channels and website traffic.
late 2002, rapid spending from Amazon caused its financial distress when revenues stagnated. In 2000, Bezos borrowed $2 billion from banks, as its cash balances dipped to only $350 million. 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.
According to a 2008 Time profile, Bezos wished to create the same flow state found in video game simulations in books; he wished readers would fully engage with books. 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.
In September 2000, Bezos founded Blue Origin, a human spaceflight startup company. Bezos has long expressed an interest in space travel and the development of human life in the solar system.
He was the valedictorian when he graduated from high school in 1982. His speech was followed up with a Miami Herald interview in which he expressed an interest to build and develop hotels, amusement parks, and colonies for human beings who were in orbit. The 18-year-old Bezos stated that he wanted to preserve Earth from overuse through resource depletion.
Bezos owns the Washington Post
Bezos made headlines worldwide on August 5, 2013, when he purchased The Washington Post and other publications affiliated with its parent company, The Washington Post Co., for $250 million.
The deal marked the end of the four-generation reign over The Post Co. by the Graham family, which included Donald E. Graham, the company’s chairman and chief executive, and his niece, Post publisher Katharine Graham.
“The Post could have survived under the company’s ownership and been profitable for the foreseeable future,” Graham stated, in an effort to explain the transaction. “But we wanted to do more than survive. I’m not saying this guarantees success, but it gives us a much greater chance of success.”
Bezos makes personal investments through his venture capital vehicle, Bezos Expeditions. He was one of the first shareholders in Google when he invested $250,000 in 1998.
That $250,000 investment resulted in 3.3 million shares of Google stock, worth about $3.1 billion in 2017. He also invested in Unity Biotechnology, a life-extension research firm hoping to slow or stop the process of aging.
Bezos is involved in the healthcare sector, which includes investments in Unity Biotechnology, Grail, Juno Therapeutics, and ZocDoc. In January 2018, an announcement was made concerning Bezos’s role within a new, unnamed healthcare company.
This venture, later named Haven, is expected to be a partnership between Amazon, JPMorgan, and Berkshire Hathaway.
Journalist Nellie Bowles of The New York Times has described the public persona and personality of Jeff Bezos as that of “a brilliant but mysterious and cold-blooded corporate titan.
During the 1990s, Bezos earned a reputation for relentlessly pushing Amazon forward, often at the expense of public charity and social good fare. His business practices projected a public image of prudence and parsimony with his own wealth and that of Amazon.
Bezos was a multi-billionaire who hung his clothes on a rack in his Amazon headquarters office and drove a 1996 Honda Accord. Throughout the early 2000s, he was perceived to be geeky or nerdy, often wearing ill-fitting clothing and making a variety of social missteps.
On January 30, 2018, Amazon, Berkshire Hathaway, and JPMorgan Chase delivered a joint press release in which they announced plans to pool their resources to form a new healthcare company for their U.S. employees.
According to the release, the company will be “free from profit-making incentives and constraints” as it tries to find ways to cut costs and boost satisfaction for patients, with an initial focus on technology solutions.
Bezos first became a millionaire in 1997 after raising $54 million through Amazon’s initial public offering (IPO). He was first included on Forbes the World’s Billionaires list in 1999 with a registered net worth of $10.1 billion.
His net worth decreased to $6.1 billion a year later, a 40.5% drop. His wealth plummeted, even more, the following year, dropping 66.6% to $2.0 billion. He lost $500 million the following year, which brought his net worth down to $1.5 billion.
The following year, his net worth increased by 104% to $2.5 billion. From 2005 to 2007, he quadrupled his net worth to $8.7 billion.
By the way, we have gathered the top 7 quotes by Jeff Bezos. I suggest you read them for your Entrepreneurship way.
Can you put yourself in Jeff Bezos place?
As you read he worked like hell. assume that you are just working like that, could you catch this man?