Jeff Bezos is an American entrepreneur, media proprietor, and investor born on January 12, 1964, at Albuquerque, New Mexico. For the love of computers, Jeff Bezos graduated from Princeton University with Computer science and electrical engineering in 1986. Apart from being the Amazon CEO, he owns other companies such as The Washington Post and Blue Origin, a space exploration company.
Building the Amazon Empire
After graduating from Princeton, Bezos worked with several firms including, Bankers trust and D.E. Shaw. Investment firm. In 1990, Jeff Bezos became the youngest Vice president of D.E. Shaw investment firm before quitting to start an online bookstore called Amazon.
In 1994, he launched Amazon, an online bookstore, targeting untapped potential in the internet market. The company sold books across the United States and in 45 foreign countries within 30 days. The success was termed meteoric. The sales hit $20000 a week in the next two months, an achievement that not even Bezos and his start-up team envisioned.
In 1997, the company went public and not only kept up but also outplaced its competitors, becoming the e-commerce giant. In 1998, Bezos diversified Amazon services with the sale of CDs and Videos. They also made some retail partnerships to provided lather clothes, electronics, and toys. This progress flourished amazon sales from $510,000 a year in 1995 to $17 billion a year in 2011. With over a hundred million subscribers in 2018 for Amazon Prime, Amazon became the second company with a valuation of more than $1 billion; this is after Apple. Amazon has launched many services over the years.
Some of the significant Amazon areas of specialization include:
1. Amazon Instant Video and Amazon Studios
It is a video-on-demand service launched in 2006, which premieres several original programs produced in Amazon studios. Amazon is working on growing areas such as digital entertainment, Alexa, and Amazon Virtual Assistant.
2. Amazon Kindle E-Reader
Kindle is a digital book reader that allows users to buy, download, read, and store books of their choice. Amazon Kindle Fire HD is the company next-generation tablet that gives big companies like Apple a run for their money.
3. Amazon Drones
Bezos revealed Amazon Prime Air in 2013, which is a drone service used to deliver goods to clients. The drones can carry products weighing 5 pounds and travel within a 10-miles radius from the company’s warehouses.
4. Whole Foods
In 2017, amazon launched Whole foods grocery chain store. The service would offer deliveries to its Prime customers within two hours, depending on the market. Bezos made a significant step when he partnered with Walmart and Kroger to deliver meals to their customers.
With a successful launch of different amazon services, Bezos also made a misstep. After a year full of critics, Amazon terminated Fire phone operations.
In 2017, the Amazon chief became the richest man in the world, with a net worth of $105.1 billion. Bezos has used his fortune to start non- profit organization aiming to help homeless families and generate a network of non-profit tier-one preschool in low-income communities. The charity organization is known as Bezos Day One Fund. He has given over 2 billion of his fortune to fund it.
In 2013, Amazon announced a free from a profit-making initiative that aims to cut the cost of healthcare and boost patient satisfaction. Bezos has also launch Bezos Earth Fun in 2020, to fight the possible catastrophic effects of climate change. Bezos not only committed $10 billion to the initiate but also assured to fund and issue grants to any science activity that provides a concrete solution to preserve and protect the environment.
Jeff Bezos net worth after coronavirus
Amazon has been thriving during the Coronavirus pandemic. The stay at home order has turned many to the online shopping platform to access essential products. Without any doubt, Amazon is benefiting from the virus, forcing other retailers to shut down other stores. The surging demand has pushed Amazon to near peak holiday season levels due to virtual lockdown and many people staying indoors. Its shares have risen by 5.3% in the stock exchange market.
The CEO of Amazon has been able to grow his fortune with an additional $24 billion during the pandemic. The wealth has made his net worth to shoot to $ 143 billion over the last four months. Amazon plans to invest $4 billion in the second quarter of the year in increasing wages, corona testing kits, and protective equipment for its workers.
According to the Comparisun prediction, the Amazon chief might be worth $1 trillion by 2026. The forecast is according to the average annual growth over the last five years. Bloomberg data show that Bezos’s net worth increases by about 34% annually for the previous five years. He owns 11% of Amazon shares.
The company has also hired 100000 workers since March to satisfy its demands, and they are looking forward to another 75000 employees. Amazon has employed a safety measure to curb the spread of coronavirus in its warehouses, which include workers should observe a 6-foot distancing rule, clean their hands, and check their temperatures before and after each shift. The company also provides workers with protective gear. Amazon also ensures they provide vital services to vulnerable and elderly during the crisis. Although the company has raised its minimum wage to $15 per hour, the company faces scrutinization for its working state and exhausting pace.
As the second-largest private employer in the US, the business offers employment to retailers who are jobless due to the pandemic. The chaos comes up as existing employees are in a war with the company due to mounting labor concerns. The new priorities on essential goods have made many third-party sellers cut costs while others sent off their employees. To help the third party, Amazon has decided to waive fees such as long term storage and inventory storage fee.
Even though third-party sellers can sell non-essential services, they cannot ship them using Amazon fulfillment.
Jeff Bezos is an American entrepreneur and the richest man in the world. His wealth is growing at about 34% annually for the last five years. The growth rate of his Amazon fortune, makes him likely to be the first trillionaire by 2026. He has also been involving himself in charity and environmental conservation work through his initiatives.