The name Jeff Bezos Is becoming increasingly popular more especially these past few months. The internet is abuzz with his seemingly unstoppable fortune which continues to rise at an impressively alarming rate. Quite recently the billionaire amassed a large amount of fortune early on Wednesday when he crossed a milestone that was previously unsurpassed in nearly four decades according to Forbes. His company’s stocks increased by 2% which increased the billionaire’s net worth to $4.9 billion.
Why Jeff Bezos might end up being the richest man in 21st century
Jeff Bezos, the popular founder and CEO of the famous Amazon might end up being the richest man in the 21st century due to his new amassed wealth.
Right now, his net worth has been estimated to about $202 billion. This makes him not only the richest person in the world right now but also the richest person on this planet since the 90s.
This gigantic growth in Jeff’s fortune can be said to be due to his holdings in Amazon. The company’s stock has skyrocketed over these past months while the world was experiencing pandemic and unsettlement due to the existence of COVID-19.
This increase in stocks occurred because during this period, the company’s goods and services was in high demand. Therefore, we can say the company gained from this unsettling period.
Although Bezo’s biggest asset is Amazon, it is not the only large brand he owns or oversees. Asides the company, he also owns The Washington Post newspaper that he got a hold of in 2013, and a space travel company founded in 2000 names Blue Origin.
Background and how he started Amazon
Jeffrey Preston Bezos was born January 12, 1964. He is an American internet entrepreneur , industrialist , media proprietor, and investor. He is well known as the founder, CEO, and president of the multi-national technology company Amazon. The first centi-billionaire on the Forbes wealth index Bezos has been the world’s richest person since 2017 and was named the “richest man in modern history” after his net worth increased to $150 billion in July 2018. According to Forbes , Bezos is the first person in history to have a net worth exceeding $200 billion.
He founded Amazon in late 1994 on a cross-country road trip from New York City to Seattle . The company began as an online bookstore and has since expanded to a wide variety of other
e-commerce products and services, including video and audio streaming, cloud computing. It is currently the world’s largest online sales company, the largest Internet company by revenue , and the world’s largest provider of virtual assistants and cloud infrastructure services through its Amazon Web Services branch.
In 1998, Bezos diversified into the online sale of music and video, and by the end of the year he had expanded the company’s products to include a variety of other consumer goods . Bezos used the $54 million raised during the company’s 1997 equity offering to finance aggressive acquisition of smaller competitors. In 2000, Bezos borrowed $2 billion from banks, as its cash balances dipped to only $350 million. In 2002, Bezos led Amazon to launch Amazon Web Services , which compiled data from weather channels and website traffic .
In November 2007, Bezos launched the Amazon Kindle. Bezos wished to create a device that allowed a ” flow state ” in reading similar to the experience of video games. In 2013, Bezos secured a $600 million contract with the Central Intelligence Agency (CIA) on behalf of Amazon Web Services. In October of that year, Amazon was recognized as the largest online shopping retailer in the world.
In May 2016, Bezos sold slightly more than one million shares of his holdings in the company for $671 million, the largest sum he had ever raised from selling some of his Amazon stock. On August 4, 2016, Bezos sold another million of his shares for $756.7 million. A year later, Bezos took on 130,000 new employees when he ramped up hiring at company distribution centers. By January 19, 2018, his Amazon stock holdings had appreciated to slightly over $109 billion; months later he began to sell stock to raise cash for other enterprises, in particular, Blue Origin . On January 29, 2018, he was featured in Amazon’s Super Bowl commercial . On February 1, 2018, Amazon reported its highest ever profit with quarterly earnings of $2 billion.
Why he’s still the richest man on earth
Jeff Bezos still remains the richest person in the world, even after losing $10 billion in one year.
The Amazon founder held onto the top spot in the final day of the 2019 Bloomberg Billionaire Index with an estimated net worth of $115 billion. He’s trailed closely by Microsoft founder Bill Gates, whose estimated worth is $113 billion.
Bezos, Gates and French business magnate Bernard Arnault are the only three billionaires on the list whose net worths exceed $100 billion.
Bezos was expected to lose the top spot in the billionaire index after a choppy year for his finances.
Jeff Bezos has risen to become the world richest man with a current $200b net worth.
