Biography of Jeff Bezos

 

Entrepreneur and e-commerce pioneer Jeff Bezos is that the founder and CEO of the e-commerce company Amazon, owner of The Washington Post and founding father of the space exploration company Blue Origin. His successful business ventures have made him one among the richest people within the world.

Born in 1964 in New Mexico , Bezos had an early love of computers and studied computing and EE at Princeton University . After graduation, he worked on Wall Street, and in 1990 he became the youngest senior vice chairman at the investment company D.E. Shaw.

Four years later, Bezos quit his lucrative job to open Amazon.com, a web bookstore that became one among the Internet's biggest success stories. In 2013, Bezos purchased The Washington Post, and in 2017 Amazon acquired Whole Foods.

Jeff Bezos' Family

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 but a year. When Bezos was 4 years old, his mother remarried Mike Bezos, a Cuban immigrant.

Jeff Bezos' Education

Bezos graduated summa worthy from Princeton University in 1986 with a degree in computing and EE .

Bezos showed an early interest in how things work, turning his parents' garage into a laboratory and rigging electrical contraptions around his house as a toddler .

He moved to Miami together with his family as an adolescent , where he developed a love for computers and graduated valedictorian of his highschool . it had been during highschool that he started his first business, the Dream Institute, an academic camp for fourth, fifth and sixth graders.

Finance in Carrer

After graduating from Princeton, Bezos found work on several firms on Wall Street, including Fitel, Bankers Trust and therefore the investment company D.E. Shaw. In 1990, Bezos became D.E. Shaw's youngest vice chairman .

While his career in finance was extremely lucrative, Bezos chose to form a risky enter the nascent world of e-commerce. He quit his job in 1994, moved to Seattle and targeted the untapped potential of the web market by opening a web bookstore.

Founder and CEO of Amazon.com

Bezos opened Amazon.com, named after the meandering South American river, on July 16, 1995, after asking 300 friends to trial his site. within the months leading up to launch, a couple of employees began developing software with Bezos in his garage; they eventually expanded operations into a two-bedroom house equipped with three Sun Microstations.

The initial success of the corporate was meteoric. With no press promotion, Amazon.com sold books across the us and in 45 foreign countries within 30 days. In two months, sales reached $20,000 a week, growing faster than Bezos and his startup team had envisioned.

Amazon.com went public in 1997, leading many market analysts to question whether the corporate could hold its own when traditional retailers launched their own e-commerce sites. Two years later, the start-up not only maintained , but also outpaced competitors, becoming an e-commerce leader.

Bezos continued to diversify Amazon’s offerings with the sale of CDs and videos in 1998, and later clothes, electronics, toys and more through major retail partnerships.

While many dot.coms of the first '90s went bust, Amazon flourished with yearly sales that jumped from $510,000 in 1995 to over $17 billion in 2011.

As a part of Bezos' 2018 annual shareholder letter, the media tycoon said the corporate had surpassed 100 million paid subscribers for Amazon Prime. By September 2018, Amazon was valued at quite $1 trillion, the second company to ever hit that record just a couple of weeks after Apple.

At the top of 2018, Amazon announced it had been raising the wage for its workers to $15 per hour. the corporate has still been criticized for its working conditions and grueling pace, with workers protesting during Prime Day in July 2019.

Amazon Instant Video & Amazon Studios

In 2006, Amazon.com launched its video-on-demand service. Initially referred to as Amazon Unbox on TiVo, it had been eventually rebranded as Amazon Instant Video.

Bezos premiered several original programs with the launch of Amazon Studios in 2013. the corporate hit it big in 2014 with the critically-acclaimed Transparent and Mozart within the Jungle.  The company produced and released its first original feature , Spike Lee's Chi-Raq, In 2015.

In 2016, Bezos stepped ahead of the camera for a cameo appearance playing an alien in Star Trek Beyond. A Star Trek fan since childhood, Bezos is listed as a Starfleet Official within the movie credits on IMDb.

In early 2018, The Seattle Times reported that Amazon had consolidated its consumer retail operations so as to specialise in growing areas including digital entertainment and Alexa, Amazon's virtual assistant.

Kindle E-Reader

Amazon released the Kindle, a handheld digital book reader that allowed users to shop for , download, read and store their book selections, in 2007.

Bezos entered Amazon into the tablet marketplace with the revealing of the Kindle Fire in 2011. the subsequent September, he announced the new Kindle Fire HD, the company's next-generation tablet designed to offer Apple's iPad a run its money.

"We haven't built the simplest tablet at a particular price. we've built the simplest tablet at any price," Bezos said, consistent with ABC News.

Amazon Drones

In early December 2013, Bezos made headlines when he revealed a replacement , experimental initiative by Amazon, called "Amazon Prime Air," using drones to supply delivery services to customers. He said these drones would be ready to carry items weighing up to 5 pounds and be capable of traveling within a 10-mile distance of the company's distribution center.

The first Prime Air delivery happened in Cambridge, England, on December 7, 2016.#

Fire Phone

Bezos oversaw one among Amazon's few major missteps when the corporate launched the hearth Phone in 2014. Criticized for being too gimmicky, it had been discontinued the subsequent year.

Whole Foods

Bezos had been eyeing the food delivery market, and in 2017 Amazon announced it had acquired the entire Foods grocery chain for $13.7 billion in cash.

The company began offering in-store deals to Amazon Prime customers and grocery delivery in as little as two hours, counting on the market. As a result, Walmart and Krogers also began offering meal delivery to its customers.

Jeff Bezos Fact Card

Owner of The Washington Post

On August 5, 2013, Bezos made headlines worldwide 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 top of the four-generation reign over The Post Co. by the Graham family, including 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 attempt to elucidate the transaction. "But we wanted to try to to quite survive. I'm not saying this guarantees success, but it gives us a way greater chance of success." In a statement to Post employees on August 5, Bezos wrote:

"The values of The Post don't need changing. ...There will, of course, be change at The Post over the approaching years. That's essential and would have happened with or without new ownership. the web is transforming almost every element of the news business: shortening news cycles, eroding long-reliable revenue sources, and enabling new sorts of competition, a number of which bear little or no news-gathering costs."

Bezos hired many reporters and editors and tripled the newspaper's technology staff (hundreds of these employees published an letter to their boss posing for salary increases and better benefits within the summer of 2018). The organization boasted several scoops, including revealing that former national security advisor Michael Flynn lied about his contact with Russians, resulting in his resignation.

By 2016, the organization said it had been profitable. the subsequent year, the Post had a billboard revenue of quite $100 million, with three straight years of double-digit revenue growth. Amazon soon bypassed The ny Times digital in unique users, with 86.4 million unique users as of June 2019, consistent with ComScore.

Jeff Bezos and Blue Origin

In 2000, Bezos founded Blue Origin, an aerospace company that develops technologies to lower the value of spaceflight to form it accessible to paying customers. For a decade and a half, the corporate operated quietly.

Then, in 2016, Bezos invited reporters to go to the headquarters in Kent, Washington, just south of Seattle. He described a vision of humans not only visiting but eventually colonizing space. In 2017, Bezos promised to sell about $1 billion in Amazon stock annually to fund Blue Origin.

Two years later, he revealed the Blue Origin moon lander and said the corporate was conducting test flights of its suborbital New Shepard rocket, which might take tourists into space for a couple of minutes.

“We are getting to build a road to space. then amazing things will happen,” Bezos said.

In August 2019, NASA announced that Blue Origin was among 13 companies selected to collaborate on 19 technology projects to succeed in the moon and Mars. Blue Origin is developing a secure and precise landing system for the moon also as engine nozzles for rockets with liquid propellant. the corporate is additionally working with NASA to create and launch reusable rockets from a refurbished complex just outside of NASA’s Kennedy Space Center.

Jeff Bezos' Wealth and Salary

As of August 2019, both Bloomberg and Forbes estimated Bezos' net worth at $110 billion, or quite 1.9 million times the median American household income. Bezos topped Forbes' list of wealthiest people within the world in both 2018 and 2019.

Bezos has earned an equivalent $81,840 salary at Amazon per annum since 1998, and he has never taken a stock award. However, his shares of Amazon have made him a really man of means . One analysis of Bezos' 2018 stock earnings had him taking home roughly $260 million per day.

In July 2017, Bezos first briefly surpassed Microsoft founder Gates to become the richest person within the world, consistent with Bloomberg, before dropping back to No. 2. The Amazon chief then reclaimed the highest spot in October. By January 2018, Bezos had eclipsed Gates' previous wealth record with a net worth of $105.1 billion, consistent with Bloomberg.

In inflation-adjusted terms, however, Gates was wealthier than Bezos within the late 1990s. the huge fortunes of yank business tycoons John Rockefeller, Carnegie and Ford would also surpass Bezos' wealth.

Bezos Day One Fund

In 2018, Bezos launched the Bezos Day One Fund, which focuses on "funding existing non-profits that help homeless families, and creating a network of latest , non-profit tier-one preschools in low-income communities." The announcement came a year after Bezos had asked his Twitter followers the way to donate a part of his fortune.

Bezos founded the organization together with his ex-wife MacKenzie before their divorce, and he gave away $2 billion of his personal fortune to fund the nonprofit. together of the world's wealthiest people, Bezos had been publicly criticized within the past for his lack of philanthropic efforts.

Healthcare Venture

On January 30, 2018, Amazon, Berkshire Hathaway and JPMorgan Chase delivered a joint handout during which they announced plans to pool their resources to make a replacement healthcare company for his or her U.S. employees.

According to the discharge , the corporate are going to be "free from profit-making incentives and constraints" because it tries to seek out ways to chop costs and boost satisfaction for patients, with an initial specialise in technology solutions.

"The healthcare system is complex, and that we enter into this challenge open-eyed about the degree of difficulty," said Bezos. "Hard because it could be , reducing healthcare's burden on the economy while improving outcomes for workers and their families would be well worth the effort."

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