The Rise of Jeff Bezos

The Rise of Jeff Bezos

October 25, 2021 0 By Stephen Callahan

Based on reviews done in 2021, Jeff Bezos ranks as the richest person in the world today. Bezos is an American entrepreneur who was born on January 12, 1964. He graduated from Princeton University with a degree in computer science and electrical engineering. In 1994, he founded an online bookstore company called Amazon. The company has since grown, and it offers a range of products and services. Currently, it provides e-commerce services that include audio and video streaming, artificial intelligence, and cloud computing. Amazon has made the highest online sales with Jeff Bezos as the CEO. In June, he stepped down from his position as CEO after the company earned $ 1.8 trillion.

Beginning of Amazon

Bezos founded Amazon on July 5, 1995, in his garage. Before this, he wrote a business plan for Amazon on his way to Seattle from New York. To avoid paying taxes, Bezos intended to set up a company in San Francisco. He had first called his company Cadabra but later changed it. The company was named Amazon after South America’s Amazon River.

To boost his dream, his parents gave him $ 300000, which he invested into Amazon. Further, he was skeptical about the company and warned investors that nothing was guaranteed. If the company succeeded, he planned to expand it to other services.

Three years later, Bezos decided to take his company public. He faced a lot of criticism from the media but maintained his stand. Bezos believed that the internet would take over the world one day, and book retailers would fail. Indeed, the internet has taken over the world, and people do not have to buy books from retailers.

In 1998, in an attempt to grow Amazon, he ventured into selling videos and music. Amazon officially launched the Amazon Web Services in 2002. The objective was to compile data from various weather channels.

Financial Challenges

However, this development almost cost them everything due to bankruptcy. As CEO, Bezos had to find ways to keep the company going. He was forced to lay off many employees and shut down distribution centers. However, 2003 was a bright year for Amazon because the company made a maximum profit of $ 400million.

The company has grown tremendously since then, with Bezos as the CEO. Bezos sold his shares from Amazon stock. He has been selling his shares from the company and officially stepped down as CEO.

Generally, Jeff Bezos is the world’s richest person. His story is inspiring since he started his company from his garage. The company has faced numerous strains financially, but he managed to find alternative ways to grow it.