Who is Jeff Bezos?
Notably, the American entrepreneur Jeff Bezos is the founder and chief executive officer of Amazon.com and owner of ‘The Washington Post’. In fact, his successful business ventures have made him one of the richest people in the world.
Jeff Bezos, aka the richest man in the world, created the monster that is Amazon. Of course, one of the largest technology companies in the world. Bezos is a household name, but do you even know where the CEO’s surname actually came from?
Bezos makes personal investments through his venture capital vehicle, Bezos Expeditions, which has put money into companies like Airbnb, Business Insider, Twitter, Uber, Grail, and General Assembly.
As a matter of fact, Bezos graduated from Princeton University in 1986 with a 4.2-grade point average, earning degrees in electrical engineering and computer science.
He was a member of Phi Beta Kappa, the oldest academic honor society in the United States and Tau Beta Pi, the oldest engineering honor society.
Bezos was the president of the Princeton chapter of the Students for the Exploration and Development of Space.
Where was Jeff Bezos born?
As a matter of fact, Jeff Bezos was born on January 12, 1964, in Albuquerque, New Mexico.
Surprisingly, at birth, he was actually named Jeffrey Preston Jorgensen. However, after his mother divorced his father, she married Cuban immigrant Miguel “Mike” Bezos in April 1968.
Whereby, at age four, Miguel Bezos adopted him and his surname was then changed to Bezos. Additionally, the family then moved to Houston, Texas. In high school, the family moved to Miami, Florida.
After graduating from Princeton in 1988, Bezos had job offers from Intel, Bell Labs, and Anderson Consulting. Bezos turned those down to start at fintech telecommunications start-up Fitel.
In 1988 Bezos transitioned into the banking industry, becoming a product manager at Bankers Trust.
In 1990 Bezos left Bankers Trust to join a newly founded hedge fund, D. E. Shaw & Co. At 30-years-old, Bezos became the hedge fund’s fourth senior vice-president.
Bezos worked here until 1994 when he left to start Amazon after writing up the business plan on a road trip from New York to Seattle.
Jeff Bezos Marriage Relationship Life
Bezos met his ex-wife, then MacKenzie Tuttle, while working for D.E. Shaw in 1992. A year later the couple was married and then moved to Seattle, Washington in 1994.
On January 9, 2019, Bezos and his wife announced their divorce on Twitter after 25 years of marriage.
The divorce was finalized on April 4, 2019. Though she could have walked away with much more according to Washington state common law on divorce without a prenuptial agreement.
All in all, MacKenzie agreed to take 4% in Amazon stock (worth $35.6 billion) and left the remaining 12% to her ex-husband. Bezos also kept all of the couple’s company voting rights.
Jeff and MacKenzie have four children together, three sons and a daughter they adopted from China. The couple’s first son, Prezton Bezos, was born in 2000.
Right after Bezos announced his divorce from MacKenzie on January 2019, The National Enquirer published an 11-page exposé of the media mogul’s extramarital affair with television host Lauren Sanchez.
How did Jeff Bezos become Wealthy?
Bezos became a millionaire in 1997 after he raised $54 million through Amazon’s initial public offering. Bezos hit billionaire status two years later in 1999 at 35-years-old.
The value in the CEO’s Amazon shares sent him from millionaire to billionaire status.
He was included on the Forbes World’s Billionaires list with a registered net worth of $10.1 billion. The next year Bezos’s net worth plummeted to $6.1 billion, and $2 billion the following year.
Bezos quadrupled his net worth from 2005 to 2007, bringing it to $8.7 billion, but was hurt by the financial crisis and economic recession.
His net worth dropped to $6.8 billion but rose to $12.6 billion in 2010. In 2015 Bezos landed himself on the list of top ten richest people in the world with a total net worth of $50.3 billion.
On March 6, 2018, Bezos officially became the richest person in the world with a net worth of $112 billion.
Jeff Bezos and the Amazon Business
Bezos drew up the Amazon business plan on a road trip from New York to Seattle. In 1993, he left his job at D.E. Shaw to start Amazon from his garage.
He received an estimated $300,000 to invest in Amazon from his parents. He originally titled the company Cadabra but changed it to name it after the Amazon River.
Bezos warned early investors that there was a 70% chance that it would fail.
Bezos founded Amazon as an online bookstore, but always planned to expand to other products. In 1998, the site expanded to offer music, videos, and other consumer goods.
In 2002, Bezos led the company to launch Amazon Web Services, which compiled data from weather channels and website traffic.
The company nearly went bankrupt in 2002, but it rebounded in 2003 after distribution center closures and workforce layoffs. Amazon launched the Kindle in November 2007.
AmazonFresh is a subsidiary that allows Prime members to order groceries online and have them delivered as soon as the same day. Amazon acquired Whole Foods for $13.7 billion in August 2017, furthering its reach in the grocery industry.
The Blue Origin Company Foundation
Bezos founded Blue Origin in September 2000. The human spaceflight startup company purchased a large tract of land in West Texas in 2006 for a launch and test facility.
In 2015, Bezos announced that a new orbital launch vehicle was under development. Also, in November of that year, Blue Origin’s New Shepard space vehicle successfully made it to space and reached its planned test altitude.
Equally, in December 2017, New Shepard successfully landed dummy passengers and adjusted its human space travel start date to 2018, which has since been extended.
In July 2018, Reuters reported that the company plans to charge passengers $200,000 to $300,000 per person.
On May 9, Blue OrigiPrn announced Blue Moon, its large lunar lander that is capable of delivering multiple metric tons of payload to the lunar surface.
The company announced that it will be able to put Americans on the moon by 2024 thanks to the Blue Moon lunar lander.
The company also announced Club For the Future, a non-profit that aims to inspire and engage “the next generation of dreamers and space entrepreneurs.”
The club, which brings together educators and leader, made its first mission to send a postcard to space and back on a future New Shepard mission.
The Washington Post Buy out
Surprisingly, on August 5, 2013, Bezos made headlines worldwide when he purchased The Washington Post and other publications affiliated with its parent company, The Washington Post Co., for $250 million.
The deal marked the end of the four-generation reign over The Post Co. by the Graham family, which included Donald E. Graham, the company’s chairman and chief executive, and his niece, Post publisher Katharine Graham.
The newspaper has flourished under his ownership, adding more than 200 employees and surpassing one million digital subscribers.
Bezos established Nash Holdings, a limited liability holding company, to execute the purchase. Nash Holdings legally owns the paper as of October 1, 2013.
Bezos made his first major change by eliminating the online paywall for subscribers of some local papers in Texas, Hawaii, and Minnesota.
In 2016 Bezos was on a mission to reinvent the newspaper as a media technology company, which ended up being successful as it was profitable for the first time since Bezos purchased it in 2013.
The Kindle E-Reader and Amazon Drones
Amazon released the Kindle, a handheld digital book reader that allowed users to buy, download, read and store their book selections, in 2007.
Bezos entered Amazon into the tablet marketplace with the unveiling of the Kindle Fire in 2011.
The following September, he announced the new Kindle Fire HD, the company’s next-generation tablet designed to give Apple’s iPad a run for its money.
In early December 2013, Bezos made headlines when he revealed a new, experimental initiative by Amazon, called “Amazon Prime Air,” using drones to provide delivery services to customers.
According to Bezos, these drones are able to carry items weighing up to five pounds and are capable of traveling within a 10-mile distance of the company’s distribution center.
He stated that Prime Air could become a reality within as little as four or five years.
Other projects under his watch include Whole Foods, Fire Phone, Day One Fund, and Healthcare.
1. Whole Foods
Bezos had been eyeing the food delivery market, and in 2017 Amazon announced it had acquired the Whole Foods grocery chain for $13.7 billion in cash.
The company began offering in-store deals to Amazon Prime customers and grocery delivery in as little as two hours, depending on the market. As a result, Walmart and Krogers also began offering meal delivery to its customers.
2. Fire Phone
Bezos oversaw one of Amazon’s few major missteps when the company launched the Fire Phone in 2014. Criticized for being too gimmicky, it was discontinued the following year.
On January 30, 2018, Amazon, Berkshire Hathaway, and JPMorgan Chase delivered a joint press release. In which, they announced plans to pool their resources to form a new healthcare company for their U.S. employees.
According to the release, the company will be “free from profit-making incentives and constraints” as it tries to find ways to cut costs and boost satisfaction for patients. After all, with an initial focus on technology solutions.
4. Jeff Bezos Day One Fund
In 2018, Bezos launched the Bezos Day One Fund, which focuses on “funding existing non-profits that help homeless families, and creating a network of new, non-profit tier-one preschools in low-income communities.”
The announcement came a year after Bezos had asked his Twitter followers how to donate part of his fortune.
Bezos founded the organization with his ex-wife MacKenzie before their divorce, and he gave away $2 billion of his personal fortune to fund the nonprofit.
As one of the world’s wealthiest people, Bezos had been publicly criticized in the past for his lack of philanthropic efforts.
Jeff Bezos Net Worth and Salary
As of August 2019, both Bloomberg and Forbes estimated Bezos’ net worth at $110 billion, or more than 1.9 billion times the median American household income.
Bezos topped Forbes’ list of wealthiest people in the world in both 2018 and 2019. He has also earned the same $81,840 salary at Amazon every year since 1998, and he has never taken a stock award.
He is a Fun Lover of Car Collections too
Though Bezos owns a $65 million private jet, he also has recently owned a car that will probably shock surprise you, one that you’ve probably seen driving around your neighborhood at one point in time.
As recently as 2013, according to Brad Stone’s book, “The Everything Store,” Bezos drove around in a Honda. In 1999, two years after he became a millionaire, he still drove his 1996 Honda Accord. During the early days of Amazon, Bezos drove packages to the post office in his 1987 Chevy Blazer.
Despite his occasional modest tendencies, Bezos also owns some more high-end luxury vehicles. Here’s the whole list of cars Jeff Bezos has owned, along with the value of each:
- Ferrari Pininfarina Sergio ($3 million)
- Bugatti Veyron Mansory ($3.4 million)
- W Motors Lykan Hyper Sport ($3.4 million)
- Koenigsegg CCXR Trevita ($4.8 million )
- Lamborghini Veneno ($4.5 million)
Bezos showed an early interest in how things work, turning his parents’ garage into a laboratory and rigging electrical contraptions around his house as a child.
He moved to Miami with his family as a teenager, where he developed a love for computers and graduated valedictorian of his high school.
It was during high school that he started his first business, the Dream Institute, an educational summer camp for fourth, fifth and sixth graders.
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Success means different thing to different people. So in whatever area of life, you want to achieve success, there are three fundamental tips you must know. In that case, that can help you to achieve your dream of becoming successful.
Below are just but a few mentions.
1. Read More Books
If you want to succeed you must love to read books.
There are countless books on various subjects all over the world. Readers are indeed leaders, you can gain new perspectives and knowledge by reading appropriate books in your areas of interests.
If you want to succeed in any area of your life, just find relevant books in the field so that you can learn from the experiences of the authors of the different books.
2. Your Surround Influencers
The people you surround yourself with have a lot of influence on your outlook in life.
To achieve success and excel at what you do, you must ensure that you surround yourself with people that will positively impact your life.
It is true that we are the sum total of the 5 people we surround ourselves with the most.
Therefore, seek out and connect with people that are smarter and more experienced than you because they can help lift and guide you to attain your potentials.
3. Lifetime Set Goals
One way of achieving success and pushing ourselves beyond our limits is to set high goals.
In fact, you should set goals that will stretch you and get you out of your comfort zone.
Your goals should not be a set of wishlist or some new year resolution that you make every January but soon discard as you get into February.
Additionally, your goals have to be backed with action plans that will get you to your desired dream.