Amazon founder and CEO Jeff Bezos. Visual China Information
Trainee reporter Cheng Tianmeng comprehensive report
Amazon founder and CEO Jeff Bezos defeated Bill Gates on October 27 and became the world's richest man with a net worth of $ 93.8 billion.
According to the American media report, on the morning of October 27, Amazon’s stock rose sharply, and Besos’s net worth of nearly 80 million shares of Amazon’s shares increased significantly, reaching US$93.8 billion. Since January 2013, Bill Gates, who has been ranked as the richest man in the world, had a net worth of 88.5 billion U.S. dollars. He did not surpass Bezos and retired to the second place in the list of richest people.
At the close of the trading day, Amazon’s stock increased by 13.22% in one day and ended at US$1,109.95.
On October 26th, Amazon announced its third-quarter earnings report for 2017. The revenue in the third quarter increased by nearly 34% from the same period of last year to US$4.37 billion, and the profit reached US$256 million, which was basically the same as the same period of last year. US media analysis said that this is Amazon's 10th consecutive quarterly earnings. As of statistics, Amazon's share price has increased by 47% this year.
This is the second time Bezos has been ranked in the world's billionaires list, the last time it was July 27, 2017. Although at the time the first result was only once a day, Bill Gates was once again overtaken, but CNBC still believed in the report at that time that Bezos might become the first trillionaire.
At the beginning of Bezos’ startup in 1994, Amazon was still just an online bookstore. Bezos has created a business empire in 2017 after 23 years.
Amazon is now an e-commerce and cloud computing company, in addition to the retail industry, but also includes e-books, publishing, film and television industry, music industry, tablet PCs, software industry, artificial intelligence, big data, and Internet of Things.
In addition, Bezos will acquire or invest in other companies to expand its business scope. The most recent major acquisition was the acquisition of Whole Foods, a company specializing in the sale of organic foods, on June 16, 2017, for $13.7 billion in cash, which directly led to the recent increase in Amazon's share price.
Let's take a look at how Bezos built his business empire step by step from scratch.
Bezos was not born in a wealthy home. In fact, according to CNBC, he is the son of a 16-year-old high school student's mother. Bezos’s mother divorced his alcoholic father when he was 17 months old. At the age of four, he married a Cuban immigrant. Since then he was adopted by the stepfather and changed his name to Bezos.
After graduating from high school with an excellent all-A score, Bezos was admitted in advance by Princeton University, specializing in computer science and electrical engineering. According to CNBC, Bezos came to work on Wall Street after graduation and became the youngest senior vice president of an investment company in 1990. His career prospects are good. In 1994, Bezos gave up everything on Wall Street, resigned from his career, and Amazon Bookstore was born in Seattle.
In her speech to his alma mater, Princeton University in 2010, Bezos said: "At the time, I noticed that the number of Internet users is growing at an alarming rate of 2300% per year. I have never seen anything grow so fast. It is exciting for me to start an online bookstore that sells millions of different books. It is impossible to happen in the real world."
The Internet industry in the 1990s was in a phase of growing from scratch and barbaric. According to a report by the BBC in 2005, during the dotcom bubble period, there was a kind of more money burning in the industry, and the better the concept of the company's development. In 1997, Amazon was listed on the market, and in the bubble of high-speed expansion of the industry, it also passed the same stage of expansion. According to the BBC report, in the late 1990s, Amazon’s annual revenue reached US$1.5 billion, but it was still a loss. At that time it had to borrow 1 billion U.S. dollars a year to ensure that the company could continue to operate.
The 10th anniversary of the Amazon in 2005, the Internet bubble has burst. The BBC’s report stated that Amazon’s stock price was far below the bubble’s high point, but it began to have a stable profit. Bezos’s goal also aimed at traditional retail giants such as Wal-Mart. Amazon began selling almost all its products, from clothing and appliances to daily necessities.
In 2007, Amazon launched the Kindle e-book reader, which has since created a precedent for e-book publishing. Amazon's business scope is no longer limited to retail sales.
According to CNBC, in the year 2003, when the technology industry was still in the hangover of the Internet bubble, Bezos had already anticipated the future development potential of the Internet industry. Bezos said in the TED talk in 2003, "I believe that the future innovation of the Internet industry will be more than the existing innovations. We are still at a very, very early stage of the development of the Internet."
Bezos has been marching toward the Internet in a barren land since its inception. Now that the Internet has developed for more than 20 years, it is already very mature. Bezos still does not stop exploring the frontiers. Amazon is still in the lead in the field of cloud computing, big data and artificial intelligence.
"Investment risk" and "long-term outlook" are Bezos' business rules.
In the first issue of the Charlie Rose talk show in 2016, Bezos said, “We are very happy to invest in risk-building start-up projects that require a 5-7 year cycle, and most companies will not do so. Investment Risk, Outlook These two elements in the long run have made Amazon an overwhelmingly unique, yet unique, Internet company.
If Amazon's Prime home delivery service and investment in TV dramas are well received by consumers, the creation of the spacecraft company Blue Origin and the acquisition of the Washington Post may be due to Bezos’s Personal feelings.
As early as 2003, Bezos founded Blue Origins, the company's main spacecraft manufacturing and space services. This is a company on space and space exploration. The goal is to allow more people to travel in space. According to CNBC, Bezos said that this is also laying the foundation for more space entrepreneurs to emerge in the next generation.
Bezos said: "If I was 80 years old, looking back at my past life and discovering that I was doing something that caused the next generation of people to have a huge entrepreneurial boom in the space field, I would feel very happy and happy."
In 2013, Bezos purchased the Washington Post for US$250 million. According to a report in the New York Times in 2014, Bezos said, “I don’t know anything about newspapers, but I know a little bit about the Internet. Plus I can provide some funds. That's why I bought the post.†Interviews in 2016 In the middle, Bezos also said to Rose: "I hope to make the post self-sustaining and profitable. I think this can be done."
In addition to the Washington Post, the following are some of the well-known companies (CNBC) that Bezos acquired and invested in recent years.
Zappos: Online Shoes Fashion Mall. In 2009, it was acquired by Amazon for $1.2 billion.
Twitch: game live platform. In 2014, it was acquired by Amazon for $970 million.
Grail: Medical research company, developing technologies to detect early cancers through blood tests. In 2016, Bezos Expeditions (a company that manages Bezos Ventures) invested $100 million.
Twitter: Twitter. In 2008, Bezos Expeditions invested 15 million U.S. dollars.
Airbnb: Airbnb. Bezos’ personal investment in 2011 was US$112 million.
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