Born on Jan. 12, 1964, Jeff Bezos is today the second-richest person in the world with a net worth of $180 billion, according to the Bloomberg Billionaire Index, following Tesla and SpaceX CEO Elon Musk.
The 60-year-old billionaire is also the founder, executive chairman, and former CEO of Amazon.com Inc. (NASDAQ:AMZN), the fifth-largest company worldwide with a market capitalization of $1.6 trillion.
Bezos founded Amazon in 1994, initially as an online bookstore operating out of his garage in Seattle. However, after recognizing the potential of e-commerce, he later expanded the company’s offerings beyond books, entering into diverse product categories including movies, music, electronics, computer software and other consumer goods.
The early years were marked by challenges, including skepticism from some investors, who reportedly favored brick-and-mortar book-selling giant Barnes & Noble at the time. Undeterred, Bezos persisted and continued to introduce innovations like Amazon Prime, Kindle, and the Amazon Web Services (AWS) cloud computing platform.
While retail was always Bezos and Amazon’s main focus, his riskiest move was offering on-demand cloud computing worldwide. Despite investor concerns about diversifying during thin retail profits, Bezos persisted.
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The AWS launch brought the company close to bankruptcy, leading to a 14% workforce reduction. However, the next year saw a remarkable rebound, with a $400 million profit announced. Today, AWS dominates the global cloud services market with a reported 32% share.
Wedbush analysts foresee Amazon achieving over $100 billion in AWS revenue by 2024, $100 billion in free cash flow by 2026, and $100 billion in advertising revenue by 2028. Amazon is also investing up to $4 billion in Anthropic, an OpenAI rival, to enter the competitive AI industry.
Moreover, while today Amazon has become a global powerhouse, the company and its founder previously also faced criticism for their aggressive business practices but continued regardless to disrupt traditional retail models.
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