Post by account_disabled on Jan 24, 2024 22:45:38 GMT -5
Jeff Bezos, founder and chief executive of Amazon, was placed first in the list of 400 richest Americans by Forbes, breaking records and paving the way to his success. This marked the first time since 1994 that co-founder Bill Gates was no longer the richest American. Bezos' net worth of $160 billion marked the first time a member of the 400 has broken out as a centi-billionaire. He managed to double that value in 2018, adding (yes, yes; a record) 78.5 billion to his fortune thanks to a 104% flood of Amazon stock. His online shopping company is at its peak; Notching over $100 billion in sales in the first 6 months of 2018, a 41% increase from the previous year. That year, he debuted on the Forbes 400 list as the 102nd richest American in America with a net worth of $1.6 billion—just 4 years after founding Amazon.com and a year after launching the company.
This was a slow but steady rise. In 2015, Bezos managed to break into the Top 10 after Job Function Email Database declaring himself the fourth richest American, with a net worth of $47 million. In less than two years, on July 27, 2007, Bezos surpassed Gates for the first time as the richest man in the country (and the world) in Forbes' updated list of billionaires. His status as the No. 1 lasted only a few hours: That same day, Amazon missed analysts' expectations for second-quarter earnings, stocks fell, and Bezos lost his spot as the richest man. Three months later, Bezos returned to the top of the list. After Amazon reported third-quarter earnings, the stock rose 13% on October 27, 2017. Bezos' market value rose to $10 billion and he ended the day with a net worth of $93.1 billion, about $3.1 billion richer than Gates. Since 2017, when it reached the value of 100 billion dollars, it has held the first place in the ranking.
How did Bezos get to this point? It has created the perfect platform for selling almost anything online. In addition to selling, Bezos has extended Amazon's approach to making tech hardware (Kindle e-readers) and providing services (cloud computing, grocery delivery) with relative ease, except for minor hiccups along the way ( the short-lived Amazon Fire Phone product). Amazon has succeeded in almost every initiative undertaken by Bezos. This is also thanks to Bezos' own philosophy: Always treat the Goliath (giant) of online commerce as if it were the first day of business. To remind everyone of the Day One ethos, Bezos, in his annual letter to shareholders, has consistently attached a copy of the first shareholder letter since 1997, when the company had about 1.5 million customers. Already, there are 560,000 employees serving 100 million Prime members, in addition to other customers. "However, as we've said before, online bookselling, and electronic commerce in general, has proven to be a pretty big market," Bezos wrote in the 1997 letter, an indication of things to come. "We feel good about what we have achieved, and we are even more motivated about what we want to do.
This was a slow but steady rise. In 2015, Bezos managed to break into the Top 10 after Job Function Email Database declaring himself the fourth richest American, with a net worth of $47 million. In less than two years, on July 27, 2007, Bezos surpassed Gates for the first time as the richest man in the country (and the world) in Forbes' updated list of billionaires. His status as the No. 1 lasted only a few hours: That same day, Amazon missed analysts' expectations for second-quarter earnings, stocks fell, and Bezos lost his spot as the richest man. Three months later, Bezos returned to the top of the list. After Amazon reported third-quarter earnings, the stock rose 13% on October 27, 2017. Bezos' market value rose to $10 billion and he ended the day with a net worth of $93.1 billion, about $3.1 billion richer than Gates. Since 2017, when it reached the value of 100 billion dollars, it has held the first place in the ranking.
How did Bezos get to this point? It has created the perfect platform for selling almost anything online. In addition to selling, Bezos has extended Amazon's approach to making tech hardware (Kindle e-readers) and providing services (cloud computing, grocery delivery) with relative ease, except for minor hiccups along the way ( the short-lived Amazon Fire Phone product). Amazon has succeeded in almost every initiative undertaken by Bezos. This is also thanks to Bezos' own philosophy: Always treat the Goliath (giant) of online commerce as if it were the first day of business. To remind everyone of the Day One ethos, Bezos, in his annual letter to shareholders, has consistently attached a copy of the first shareholder letter since 1997, when the company had about 1.5 million customers. Already, there are 560,000 employees serving 100 million Prime members, in addition to other customers. "However, as we've said before, online bookselling, and electronic commerce in general, has proven to be a pretty big market," Bezos wrote in the 1997 letter, an indication of things to come. "We feel good about what we have achieved, and we are even more motivated about what we want to do.