- 26 Feb, 23
Jeff Bezos: The Revolutionary Leader of E-Commerce
Jeff Bezos is an American entrepreneur, founder, and Chairman of the Board of Amazon.com. He is also the owner of The Washington Post, one of the world’s leading newspapers. His successful business ventures have made him one of the wealthiest people in the world.
As CEO of Amazon, Bezos played a key role in the growth of e-commerce. Under his guidance, Amazon has become the largest online retailer and a model for internet sales. In this article on Zatrun.com, you can find everything you need to know about Jeff Bezos.
Table of Contents
Who is Jeff Bezos?
Jeff Bezos was born on January 12, 1964, in Albuquerque, New Mexico, to Jacklyn Gise Jorgensen and Ted Jorgensen, who divorced when he was young. His mother later married Mike Bezos, a Cuban immigrant, and Jeff was adopted by him when he was four years old, and his surname was legally changed from Jorgensen to Bezos.
Bezos graduated with honours from the computer science and electrical engineering program at Princeton University in 1986. Like many entrepreneurs and billionaires such as Mark Zuckerberg, he turned his family’s garage into a laboratory and equipped his home with electrical appliances.
When he was young, he moved with his family to Miami and graduated at the top of his high school class. He also founded his first business, the Dream Institute, an educational summer camp for fourth, fifth, and sixth graders, while still in high school.
After graduating from Princeton, Bezos worked on Wall Street at Fitel, Bankers Trust, and investment firm D.E. Shaw. In 1990, he became the youngest vice president at Shaw. His career in finance was very lucrative. However, Bezos chose to take a risky step into the developing world of e-commerce.
In 1994, he left his job and moved to Seattle, where he opened an online bookstore. Working with a small team in his garage, Bezos began developing the site’s software. Amazon, named after one of the world’s longest rivers in South America, sold its first book in July 1995.
Bezos and Amazon
Jeff Bezos launched Amazon.com on July 16, 1995. With Amazon, Bezos made book sales in the United States and 45 foreign countries within 30 days. Sales reached $20,000 per week within two months. The project grew faster than Bezos and the startup team had envisioned.
Amazon.com went public in 1997. Two years later, it became an e-commerce leader, surpassing its competitors. Bezos expanded Amazon’s sales range by selling CDs in 1998 and later clothing, electronics, toys, and more through large retail partnerships. While many dot-com companies failed in the early 1990s, Amazon continued to grow, with annual sales figures exceeding $17 billion by 2011 from $510,000 in 1995.
In 2006, Amazon introduced Amazon Web Services (AWS), a cloud computing service. In late 2007, it launched “Kindle,” a new handheld reading device with wireless internet connectivity that enabled people to buy, download, read, and store a wide range of books. About three years later, Kindle e-book sales overtook hardcover book sales.
His Other Ventures: Amazon Studios and Prime Video
Aside from Amazon, Bezos owns several other companies, including Blue Origin, a space exploration company, and Bezos Expeditions, a venture capital firm. He is also known for his philanthropic efforts, including the Bezos Day One Fund, which focuses on homelessness and early childhood education.
In 2010, Amazon started creating its own television shows and movies with Amazon Studios. Currently, Amazon content is distributed through Amazon’s digital video streaming service, Amazon Prime Video, which is among cinema theatres and competitors such as Netflix, Disney Plus, and Hulu.
Also known simply as Prime Video, Amazon Prime Video is a premium video streaming and rental service offered either as an independent service or as part of Amazon’s Prime subscription.
It primarily features films and television series produced by Amazon Studios and MGM Holdings or licensed to Amazon as Amazon Originals. Additionally, it also hosts content from other providers, live sports events, and video rental and purchase services.
Jeff Bezos’s Wealth
When Amazon went public, Bezos raised $54 million and entered the millionaire class for the first time in 1997. In 1999, with a registered wealth of $10.1 billion, he was included in Forbes’ World’s Billionaires list.
On March 6, 2018, Bezos was declared the world’s richest person with a registered net worth of $112 billion. At the time, his wealth was equivalent to that of 2.7 million Americans. On March 9, Bezos earned $230,000 every 60 seconds. According to Quartz, his net worth of $150 billion in July 2018 was enough to buy all the stock exchanges in Nigeria, Hungary, Egypt, Luxembourg, and Iran.
Currently, according to Forbes, Jeff Bezos has a wealth of $120 billion, making him the fourth richest person in the world as of now.