Jeff Bezos
Jeff Bezos (born January 12, 1964, in Albuquerque, New Mexico) is a prominent American entrepreneur. He is best known for his pivotal role in the expansion of e-commerce as the founder and former chief executive officer of Amazon.com, Inc., an online retail giant.
Early Life and Career
During his high school years, Bezos displayed an entrepreneurial spirit by developing the Dream Institute, a center designed to foster creative thinking in young students. He graduated summa cum laude from Princeton University in 1986 with degrees in electrical engineering and computer science. Following graduation, he held several positions before joining the New York investment bank D.E. Shaw & Co. in 1990. He quickly rose to senior vice president, the youngest in the firm’s history, and was tasked with assessing the investment opportunities presented by the burgeoning Internet. Recognizing the immense potential – with web usage growing at over 2,000 percent annually – Bezos decided to pursue his own venture. In 1994, he and his wife, Mackenzie Scott Tuttle, left D.E. Shaw and relocated to Seattle, Washington, to establish a virtual bookstore.
Working from their garage with a small team, they began developing the software and business plan for what would become Amazon. Named after the South American river, the company sold its first book in July 1995.
Amazon.com
Amazon rapidly became a leader in e-commerce. The website, operating 24 hours a day, was known for its user-friendly features. It encouraged customer reviews, offered discounts, personalized recommendations, and searches for out-of-print books. Bezos expanded the offerings to include CDs in June 1998, videos later that year, and auctions in 1999. The company’s success encouraged other retailers, including major bookstore chains, to establish online stores.
As the competition in the online market intensified, Bezos recognized the importance of diversification. By 2005, Amazon offered an extensive range of products, including consumer electronics, apparel, and hardware. In 2006, Amazon expanded further by launching Amazon Web Services (AWS), a cloud-computing service that eventually became the world’s largest.
In late 2007, Amazon introduced the Kindle, a handheld digital book reader with wireless Internet connectivity, allowing customers to purchase, download, and store a vast selection of books on demand. In 2010, Amazon announced that sales of Kindle books had surpassed those of hardcover books. That same year, Amazon entered the film and television production business with its Amazon Studios division.
Amazon’s annual net sales dramatically increased from $510,000 in 1995 to approximately $600 million in 1998. By 2008, sales exceeded $19.1 billion, and in 2018, they reached almost $233 billion. A significant portion of the company’s operating income in 2018, approximately half, came from AWS. In 2020, Amazon achieved record profits; its revenue in the fourth quarter of that year exceeded $100 billion for the first time, partly due to increased online shopping during the COVID-19 pandemic. In February 2021, Bezos announced he would step down as CEO later that year, but would remain with Amazon as executive chairman.
Other Activities
Beyond Amazon, Bezos founded Blue Origin, a spaceflight company, in 2000. Blue Origin purchased a launch site in Texas soon after, planning to introduce a crewed suborbital spacecraft, New Shepard, in 2018 and an orbital launch vehicle, New Glenn, in 2020.
In 2013, Bezos purchased The Washington Post and its affiliated publications for $250 million. In 2024, his net worth was estimated at $204 billion, making him the fourth richest person globally.
In the closing days of the 2024 presidential election, The Washington Post faced controversy regarding its decision not to endorse a candidate, despite its Editorial Board initially endorsing Vice Pres. Kamala Harris. Bezos, in an op-ed column, stated that endorsements could damage public trust in the news media. This decision led to the cancellation of approximately 200,000 subscriptions, or roughly 8 percent, within days. In 2016 and 2020, The Post endorsed Democrats Hillary Clinton and Joe Biden over Republican nominee Donald Trump. Other news outlets, including the Los Angeles Times and USA Today, also chose not to endorse a candidate in the 2024 election.
Personal Life
In 1993, Bezos married Mackenzie Scott Tuttle, whom he met at D.E. Shaw. The couple announced their divorce in January 2019. The National Enquirer subsequently published a story about Bezos having an affair. Bezos initiated an investigation into how the tabloid obtained his private text messages. In February, he posted an essay online, accusing officials at American Media Inc. (AMI), the Enquirer’s parent company, of “extortion and bribery.” The Bezos-led investigation alleged that his girlfriend’s brother leaked the texts.
