Inspirational Journey of Jeff Bezos from computer engineer in a stock market firm to founder of Amazon.com. Today Jeff Bezos net worth is 85.1 billion USD and he is the second richest after Bill gates.
Beginning of Journey..
Jeffrey Preston or Jeff Bezos was born on January 12, 1964, in Albuquerque, New Mexico. Jeff Bezos’s father Ted Jorgenson and mother Jacklyn. Jeff’s father was a unicyclist and used to perform in circuses but unfortunately their marriage lasted for less than two years. Jacklyn married Mike Bezos a Cuba born immigrant who escaped from Cuba to the USA alone at very small age of 15 and worked in University of Albuquerque. Mike Bezos and Jacklyn after getting married moved to Houston, Texas where Mike started to work as an engineer for Exxon – American, an oil and gas company. Jacklyn ancestors lived in Texas from generations and had over 25,000-acres of land near Cotulla. Bezos were among the largest landholders in Texas by 2015.
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Jeff Bezos Education
Jeff Bezos did his initial schooling in River Oaks Elementary School of Houston from fourth to sixth grade. He spent his summer vacations by working on things such as laying pipe, fixing windmills, vaccinating cattle, and other farm work. The family eventually moved to Florida and Jeff did his higher schooling in Miami Palmetto Senior High School where he excelled at his studies and learnt about computers. Jeff decided to pursue his graduation in physics at Princeton University, but he soon decided to learn his favourite subject computer science. He got graduation in two subjects ie., in computer science and electrical engineering from University of Princeton .
Jeff Bezos Initial Career
Jeff Bezos started his career in Wall Street where computer science was increasingly in demand and worked in several firms including many start-ups like Fitel.He then Joined investment firm D.E. Shaw which was specialized in the application of computer sciences for the stock markets, D.E. Shaw was special for Jeff because he met his wife MacKenzie, who was also a Princeton graduate. Jeff rose quickly through the ranks by 1990 he became the youngest senior vice president in the company’s history, In 1993 Jeff married MacKenzie.
It was at D.E. Shaw While surfing the web in search of new ventures for D.E. Shaw, Jeff Bezos found a statistics that World Wide Web was growing by 2,300 percent a month. This was first he came across the scope of Internet business and decided it could change his life soon.. It was in 1994 Jeff left D.E. Shaw and moved to Seattle to start an online business to completely utilize the opportunity of internet traffic. He made the list of business opportunities which he can start like selling products like CDs, software, and hardware but ended up his decision to start online book store.
Initial Funding- Amazon.com
Jeff Bezos managed to raise $1 million from his family and friends, enough to set up his business in the garage of his Seattle home.
How did Amazon got his name?
Jeff Bezos initially incorporated the company as “Cadabra” on July 5, 1994. However, a year later he considered to change it when his lawyer misheard the word as “cadaver,”.Jeff made list of alternative names which included “MakeItSo.com” – a catchphrase from Captain Picard in Jeff’s beloved Star Trek. “aard.com,” which would help push the company to the front of website listings. The couple registered domain names Awake.com, Browse.com, Bookmall.com, and Relentless.com . Finally they decided to go with Amazon.com after looking through the words that start with A in the dictionary.
Jeff Bezos Net worth
Amazon.com the Beginning
Amazon.com was launched on July 16, 1995, Amazon started with selling books from his garage in Seattle. Slowly it started to expand his business in all other categories like food, clothing and electricals, and developed a formidable cloud computing service, its own television shows and an electronic personal assistant for people’s homes.
Journey of Profit
Amazon within months of starting, sales were up to $20,000/week. Jeff invested the profit back into the business keeping growth in mind. The continued focus on long term strategy and profit orientation made amazon.com successful .
Amazon raised a series A of $8M from Kleiner Perkins Caufield & Byers in 1995. In 1997, Amazon went public to raise additional capital. By 1999, the value of the Kleiner Perkins Caufield & Byers investment in Amazon created returns of over 55,000%.
Journey of Amazon.com
1994: Jeff Bezos quits his job and launches Amazon out of his garage.
Within 30 Days, it is doing $20,000 per week in sales.
1995: Bezos raises an $8 Million round of funding from Kleiner Perkins.
1997: Amazon enters stock exchange at $18 per share.
1999: Jeff Bezos is named as Time Magazine’s “Person of the Year”.
2009: Bezos acquires Tony Tsieh’s Zappos through a stock swap.
2013: Jeff Bezos acquires the Washington Post.
2017: Share price reaches $1000 per share.
Major Acquisition by Amazon
Amazon has made over 44 notable company acquisitions over the years. It’s first Acquisition was in 1998.
- 1998: PlanetAll, Junglee, Bookpages.co.uk (later became Amazon UK).
- 1999: Internet Movie Database (IMDb), Alexa, Accept.com, and Exchange.com
- 2003: CDNow (Defunct)
- 2004: Joyo.com, an e-commerce site in China.
- 2005: BookSurge, Mobipocket.com, and CreateSpace.com.
- 2006: Shopbop, a women’s luxury retailer.
- 2007: DPReview.com and Brilliance Audio.
- 2008: Audible.com, Fabric.com, Box Office Mojo, AbeBooks, Shelfari, and Reflexive Entertainment.
- 2009: Zappos, Lexcycle, SnapTell, Stanza (Kindle Rival).
- 2010: Touchco., Woot, Quidsi, BuyVIP, and Amie Street.
- 2010: Toby Press
- 2011: LoveFilm, The Book Depository, Pushbutton, and Yap
- 2012: Kiva Systems, Teachstreet, and Evi
- 2013: IVONA Software, GoodReads, and Liquavista
- 2017: Souq.com
Jeff Bezos net worth
Jeff Bezos net worth today is 85.1 billion USD and he is the second richest man on earth after Bill Gates.
How Jeff Bezos net worth increased after 2016 November?
Bezos added £8.1billion this year to his wealth and £5.6billion since the election of Donald Trump as US president in November, Amazon recently purchased retailer Souq.com on March 28 for an unknown amount. In buying Souq.com, Amazon entered Mideast markets of Egypt, UAE and Saudi , where it already has local operations.
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Amazon Share Price and Jeff Bezos net worth
Amazon share grew from $220 in Jul 2012 to $1000 in Jul 2017, has increased Jeff Bezon net worth and made him to be the next richest man in the world. If the stock price grows in the same pace in next few days Jeff Bezon will be richest man.World’s richest people.
Richest Man in the world 2017- Jeff Bezos net worth
- Bill Gates – $89.3bn – Microsoft
- Jeff Bezos net worth– $85.2bn – Amazon
- Amancio Ortega – $84.5bn – Inditex
- Warren Buffett – $74.7bn – Berkshire Hathaway
- Mark Zuckerberg – $64.8bn – Facebook
- Carlos Slim – $60.2bn – Grupo Carso
- Bernard Arnault – $52.4bn – LVMH
- Larry Page – $48.8bn – Google
- Larry Ellison – $48.2bn – Oracle
- Sergey Brin – $47.7bn – Google
Jeff Bezos will be Richest Man in the world
Jeff owns nearly 17% shares of Amazon. . Jeff Bezos net worth is largely dependent on Amazon shares. Amazon shares today is at its all-time high price put Jeff is just $4 billion away from overtaking Gates, who is worth about $90 billion. Jeff Bezos net worth is largely tied to his 78.9 million shares of Amazon, hence the dream of becoming the world’s richest man is near term possibility.