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Wikipedia

Jeff Bezos

January 19, 2024

"Bezos" redirects here. For other people with the surname, see Bezos (surname).

Jeffrey Preston Bezos (/ˈbeɪzoʊs/ BAY-zohss;[2] né Jorgensen; born January 12, 1964) is an American businessman, media proprietor and investor. He is the founder, executive chairman, and former president and CEO of Amazon, the world's largest e-commerce and cloud computing company. He is the third-wealthiest person in the world, with a net worth of about US$175.4 billion as of 16 January 2024. He was the wealthiest from 2017 to 2021, according to both the Bloomberg Billionaires Index and Forbes.[3][4]

Jeff Bezos
Bezos at the LAAFB SMC in 2017
Born
Jeffrey Preston Jorgensen

(1964-01-12) January 12, 1964 (age 60)
Albuquerque, New Mexico, U.S.
EducationPrinceton University (BSE)
Occupations
  • Businessman
  • media proprietor
  • investor
Years active1986–present
Title
Spouse
​
​
(m. 1993; div. 2019)​
Partner(s)Lauren Sánchez
(2019–present; engaged)
Children4
Parents
RelativesMark Bezos (half-brother)[1]
Signature

Bezos was born in Albuquerque and raised in Houston and Miami. He graduated from Princeton University in 1986 with degrees in electrical engineering and computer science. He worked on Wall Street in a variety of related fields from 1986 to early 1994. Bezos founded Amazon in mid 1994 on a road trip from New York City to Seattle. The company began as an online bookstore and has since expanded to a variety of other e-commerce products and services, including video and audio streaming, cloud computing, and artificial intelligence. It is the world's largest online sales company, the largest Internet company by revenue, and the largest provider of virtual assistants and cloud infrastructure services through its Amazon Web Services branch.

Bezos founded the aerospace manufacturer and sub-orbital spaceflight services company Blue Origin in 2000. Blue Origin's New Shepard vehicle reached space in 2015 and afterwards successfully landed back on Earth; he flew into space on Blue Origin NS-16 in 2021. He also purchased the major American newspaper The Washington Post in 2013 for $250 million and manages many other investments through his venture capital firm, Bezos Expeditions. In September 2021, Bezos co-founded Altos Labs with Mail.ru founder Yuri Milner.[5]

The first centibillionaire on the Forbes Real Time Billionaires Index and the second ever to have eclipsed the feat since Bill Gates in 1999,[6] Bezos was named the "richest man in modern history" after his net worth increased to $150 billion in July 2018.[7] In August 2020, according to Forbes, he had a net worth exceeding $200 billion.[8] On July 5, 2021, Bezos stepped down as the CEO and president of Amazon and took over the role of executive chairman. Amazon Web Services CEO Andy Jassy succeeded Bezos as the CEO and president of Amazon. In October 2023, he was ranked second on the Forbes 400 list of wealthiest Americans, with a net worth of $161 billion.

Early life and education

Jeffrey Preston Jorgensen was born on January 12, 1964, in Albuquerque, New Mexico,[9] as the son of Jacklyn (née Gise) and Ted Jorgensen.[10] At the time of Jeff's birth, his mother was a 17-year-old high-school student and his father was 19-years-old.[11] Jorgensen was a Danish American unicyclist[12] born in Chicago to a family of Baptists.[13] After completing high school despite challenging conditions, Jacklyn attended night school, bringing her baby with her.[14] Jeff attended a Montessori school in Albuquerque when he was 2-years-old.[15]

Ted Jorgensen drank and struggled financially.[16] Jacklyn left her husband to live with her parents, filing for divorce in June 1965 when Jeff was 17-months-old.[17] After his parents divorced, his mother married Cuban immigrant Miguel "Mike" Bezos in April 1968.[18] Shortly after the wedding, Mike adopted four-year-old Jeff, whose surname was then legally changed from Jorgensen to Bezos.[19] Gise, her husband and her son left the area and asked Jorgensen to discontinue contact, to which he agreed.[20]

After Mike had received his degree from the University of New Mexico, the family moved to Houston, Texas, so that he could begin working as an engineer for Exxon.[21] Jeff attended River Oaks Elementary School in Houston from fourth to sixth grade.[22] Jeff's maternal grandfather was Lawrence Preston Gise, a regional director of the U.S. Atomic Energy Commission (AEC) in Albuquerque.[23] Lawrence retired early to his family's ranch near Cotulla, Texas, where Jeff would spend many summers in his youth.[24] Jeff would later purchase this ranch and expand it from 25,000 acres (10,117 ha) to 300,000 acres (121,406 ha).[25][26] Jeff displayed scientific interests and technological proficiency and once rigged an electric alarm to keep his younger siblings out of his room.[27][28] The family moved to Miami, Florida, where Jeff attended Miami Palmetto High School.[29][30] While Jeff was in high school, he worked at McDonald's as a short-order line cook during the breakfast shift.[31]

Bezos attended the Student Science Training Program at the University of Florida. He was high school valedictorian, a National Merit Scholar,[32][33] and a Silver Knight Award winner in 1982.[32] In his graduation speech, Bezos told the audience he dreamed of the day when mankind would colonize space. A local newspaper quoted his intention "to get all people off the earth and see it turned into a huge national park".[34]

After graduating from high school in 1982, Bezos attended Princeton University. He initially majored in physics but later switched to electrical engineering and computer science.[35] Bezos was a member of the Quadrangle Club, one of Princeton's 11 eating clubs.[36] In addition, he was the president of the Princeton chapter of the Students for the Exploration and Development of Space (SEDS).[37][38] He had a 4.2 GPA and was elected to Phi Beta Kappa and Tau Beta Pi. Bezos graduated from Princeton in 1986 with a Bachelor of Science in Engineering (BSE), summa cum laude.[39]

Business career

Early career

After Bezos graduated from college in 1986, he was offered jobs at Intel, Bell Labs, and Andersen Consulting, among others.[40] He first worked at Fitel, a fintech telecommunications start-up, where he was tasked with building a network for international trade.[41] Bezos was promoted to head of development and director of customer service thereafter. He transitioned into the banking industry when he became a product manager at Bankers Trust from 1988 to 1990. He then joined D. E. Shaw & Co, a newly created hedge fund with a strong emphasis on mathematical modelling from 1990 until 1994. Bezos became D. E. Shaw's fourth senior vice-president by age 30.[42][40]

Amazon

Main article: Amazon
 
Bezos (front row, center) at the Robot Co-op in 2005

In spring 1994, Bezos read that web usage was growing at a rate of 2300% a year and eventually decided to establish an online bookstore.[43] He and his then-wife, MacKenzie Scott, left their jobs at D. E. Shaw and founded Amazon in a rented garage in Bellevue, Washington on July 5, 1994, after writing its business plan on a cross-country drive from New York City to Seattle.[44][45] With Bezos at the helm and Scott taking an integral role in its operation—writing checks, keeping track of the books, and negotiating the company's first freight contracts—the foundation was laid for this garage-run operation to grow exponentially.[46] Prior to settling in Seattle, Bezos had investigated setting up his company at an Indian reservation near San Francisco in order to avoid paying taxes.[47] Bezos initially named his new company Cadabra but later changed the name to Amazon after the Amazon River in South America, in part because the name begins with the letter A, which is at the beginning of the alphabet.[48] At the time, website listings were alphabetized, so a name starting with "A" would appear sooner when customers conducted online searches.[49] In addition, he regarded "Amazon," the name of the world's largest river as fitting for what he hoped would become the world's largest online bookstore.[49] He accepted an estimated $300,000 from his parents as an investment in Amazon.[45][50][51] He warned many early investors that there was a 70% chance that Amazon would fail or go bankrupt.[52] Although Amazon was originally an online bookstore, Bezos had always planned to expand to other products.[42][48] Three years after Bezos founded Amazon, he took it public with an initial public offering (IPO).[53] In response to critical reports from Fortune and Barron's, Bezos maintained that the growth of the Internet would overtake competition from larger book retailers such as Borders and Barnes & Noble.[48]

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.[48] Bezos used the $54 million raised during the company's 1997 equity offering to finance the aggressive acquisition of smaller competitors.[48] In 2000, Bezos borrowed $2 billion from banks, as its cash balances dipped to only $350 million.[54] In 2002, Bezos led Amazon to launch Amazon Web Services, which compiled data from weather channels and website traffic.[48] In late 2002, rapid spending from Amazon caused it financial distress when revenues stagnated.[55] After the company nearly went bankrupt, he closed distribution centers and laid off 14% of the Amazon workforce.[54] In 2003, Amazon rebounded from financial instability and turned a profit of $400 million.[56][failed verification] In November 2007, Bezos launched the Amazon Kindle.[57] According to a 2008 Time profile, Bezos wished to create a device that allowed a "flow state" in reading similar to the experience of video games.[58] In 2013, Bezos secured a $600-million contract with the Central Intelligence Agency (CIA) on behalf of Amazon Web Services.[59] In October of that year, Amazon was recognized as the largest online shopping retailer in the world.[60]

 
Bezos in 2010

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.[61] On August 4, 2016, Bezos sold another million of his shares for $756.7 million.[62] A year later, Bezos took on 130,000 new employees when he ramped up hiring at company distribution centers.[63] 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.[64] On January 29, 2018, he was featured in Amazon's Super Bowl commercial.[65] On February 1, 2018, Amazon reported its highest ever profit with quarterly earnings of $2 billion.[66] Due to the growth of Alibaba in China, Bezos has often expressed interest in expanding Amazon into India.[67] On July 27, 2017, Bezos momentarily became the world's wealthiest person over Microsoft co-founder Bill Gates when his estimated net worth increased to just over $90 billion. His wealth surpassed $100 billion for the first time on November 24, 2017, and he was formally designated the wealthiest person in the world by Forbes on March 6, 2018, with a net worth of $112 billion.[68]

 
Bezos receives the James Smithson Bicentennial medal on June 14, 2016, for his work with Amazon.[69]

In March 2018, Bezos dispatched Amit Agarwal, Amazon's global senior vice president, to India with $5.5 billion to localize operations throughout the company's supply chain routes.[70] Later in the month, U.S. President Donald Trump accused Amazon and Bezos, specifically of sales tax avoidance, misusing postal routes, and anti-competitive business practices.[71] Amazon's share price fell by 9% in response to the President's negative comments; this reduced Bezos's personal wealth by $10.7 billion.[72] Weeks later, Bezos recouped his losses when academic reports out of Stanford University indicated that Trump could do little to regulate Amazon in any meaningful way.[73] During July 2018, a number of members of the U.S. Congress called on Bezos to detail the applications of Amazon's face recognition software, Rekognition.[74]

 
Bezos on October 25, 2017, on his visit to Los Angeles Air Force Base.[75]

Criticism of Amazon's business practices continued in September 2018 when Senator Bernie Sanders introduced the Stop Bad Employers by Zeroing Out Subsidies (Stop BEZOS) Act and accused Amazon of receiving corporate welfare.[76] This followed revelations by the non-profit group New Food Economy which found that one third of Amazon workers in Arizona, and one tenth of Amazon workers in Pennsylvania and Ohio, relied on food stamps.[77] While preparing to introduce the bill, Sanders opined: "Instead of attempting to explore Mars or go to the moon, how about Jeff Bezos pays his workers a living wage?"[78] He later said: "Bezos could play a profound role. If he said today, nobody who is employed at Amazon will receive less than a living wage, it would send a message to every corporation in America."[79] Sanders's efforts elicited a response from Amazon which pointed to the 130,000 jobs it created in 2017 and called the $28,446 figure for its median salary "misleading" as it included part-time workers.[80] However, Sanders countered that the companies targeted by his proposal have placed an increased focus on part-time workers to escape benefit obligations.[81] On October 2, 2018, Bezos announced a company-wide wage increase, which Sanders applauded.[82] The American workers who were being paid the minimum wage had this increased to $15 per hour, a decision that was interpreted as support for the Fight for $15 movement.[83]

In February 2021, Bezos announced that in the third quarter of 2021 he would step down from his role as CEO of Amazon to become the Executive Chairman of the Amazon Board. He was succeeded as CEO by Andy Jassy.[84][85][86] On February 2, 2021, Bezos sent an email[87] to all Amazon employees, telling them the transition would give him "the time and energy [he] need[s] to focus on the Day 1 Fund, the Bezos Earth Fund, Blue Origin, The Washington Post, and [his] other passions."[88]

Blue Origin

Main article: Blue Origin
 
Bezos and Rob Meyerson (fifth from left) giving NASA Deputy Administrator Lori Garver (fourth from left) a tour of Blue Origin's crew capsule in 2011
 
Then U.S. Secretary of Defense Ash Carter meets with Bezos in 2016 at The Pentagon.

In September 2000, Bezos founded Blue Origin, a human spaceflight startup.[89] Bezos has long expressed an interest in space travel and the development of human life in the Solar System.[33] His 1982 high school valedictorian senior graduation speech was followed up with a Miami Herald interview in which he expressed an interest to build and develop hotels, amusement parks, and colonies for human beings who were in orbit.[90] The 18-year-old Bezos stated that he wanted to preserve Earth from overuse through resource depletion.[91] Rob Meyerson led Blue Origin from 2003 to 2017 and served as its first president.[92]

After its founding, Blue Origin maintained a low profile until 2006 when it purchased a large tract of land in West Texas for a launch and test facility.[93] After the company gained the public's attention during the late 2000s, Bezos additionally indicated his interest in reducing the cost of space travel for humans while also increasing the safety of extraterrestrial travel.[94] In September 2011, one of the company's uncrewed prototype vehicles crashed during a short-hop test flight. Although the crash was viewed as a setback, news outlets noted how far the company went from its founding-to-date in advancing spaceflight.[95] After the crash, Bezos has been superstitiously wearing his "lucky" Texas Cowboy boots to all rocket launches.[96] In May 2013, Bezos met with Richard Branson, chairman of Virgin Galactic, to discuss commercial spaceflight opportunities and strategies.[97] He has been compared to Branson and Elon Musk as all three are billionaires who prioritize spaceflight among their business interests.[98]

In 2015, Bezos announced that a new orbital launch vehicle was under development and would make its first flight in the late-2010s.[99] Later in November, Blue Origin's New Shepard space vehicle successfully rocketed into space and reached its planned test altitude of 329,839 feet (100.5 kilometers) before executing a vertical landing back at the launch site in West Texas. In 2016, Bezos allowed select journalists to visit, tour, and photograph his facility.[100] He has repeatedly called for increased inter-space energy and industrial manufacturing to decrease the negative costs associated with business-related pollution.[101]

In December 2017, New Shepard successfully flew and landed dummy passengers, amending and pushing its human space travel start date into late 2018.[102] To execute this program, Blue Origin built six of the vehicles to support all phases of testing and operations: no-passenger test flights, flights with test passengers, and commercial-passenger weekly operations.[103] Since 2016, Bezos has spoken more freely about his hopes to colonize the solar system, and has been selling US$1 billion in Amazon stock each year to capitalize Blue Origin in an effort to support this endeavor.[104][105] In May 2018, Bezos maintained that the primary goal of Blue Origin is to preserve the natural resources of Earth by making the human species multi-planetary.[106] He announced that New Shepard would begin transporting humans into sub-orbital space by November 2018.[106] In July 2018, it was announced that Bezos had priced commercial spaceflight tickets from $200,000 to $300,000 per person.[107]

On July 20, 2021, he launched on the NS-16 mission with his half-brother Mark Bezos, Wally Funk, and Oliver Daemen.[108] He launched nine days after Richard Branson launched onboard the Virgin Galactic Unity 22 mission. Bezos's suborbital flight lasted over 10 minutes, reaching a peak altitude of 66.5 miles (107.0 km).[109]

The Washington Post

See also: The Washington Post

On August 5, 2013, Bezos announced his purchase of The Washington Post for $250 million in cash,[110] at the suggestion of his friend, Don Graham.[111] To execute the sale, he established limited liability company Nash Holdings to serve as a holding company through which he would own the newspaper.[112] The sale closed on October 1, 2013, and Nash Holdings took control.[113] In March 2014, Bezos made his first significant change at The Washington Post and lifted the online paywall for subscribers of a number of U.S. local newspapers in Texas, Hawaii, and Minnesota.[114] In January 2016, Bezos set out to reinvent the newspaper as a media and technology company by reconstructing its digital media, mobile platforms, and analytics software.[115] After a surge in online readership in 2016, the paper was profitable for the first time since Bezos made the purchase in 2013.[116]

Bezos Expeditions

Main article: Bezos Expeditions

Bezos makes personal investments through his venture capital vehicle, Bezos Expeditions.[117] He was one of the first shareholders in Google, when he invested $250,000 in 1998. That $250,000 investment resulted in 3.3 million shares of Google stock, worth about $3.1 billion in 2017.[118][119] He also invested in Unity Biotechnology, a life-extension research firm hoping to slow or stop the process of aging.[120] Bezos is involved in the healthcare sector, which includes investments in Unity Biotechnology, GRAIL, Juno Therapeutics, and Zocdoc.[121] In January 2018, an announcement was made concerning Bezos's role within a new, unnamed healthcare company. This venture, later named Haven, is expected to be a partnership between Amazon, JPMorgan, and Berkshire Hathaway.[122][123]

Bezos also supports philanthropic efforts through direct donations and non-profit projects funded by Bezos Expeditions.[124] Bezos used Bezos Expeditions to fund several philanthropic projects, including an Innovation center at the Seattle Museum of History and Industry and the Bezos Center for Neural Circuit Dynamics at Princeton Neuroscience Institute.[125][126] In 2013, Bezos Expeditions funded the recovery of two Saturn V first-stage Rocketdyne F-1 engines from the floor of the Atlantic Ocean.[127] They were positively identified as belonging to the Apollo 11 mission's S-1C stage from July 1969.[128][129] The engines are currently on display at the Seattle Museum of Flight.[130][131]

Altos Labs

Main article: Altos Labs

In September 2021, Bezos co-founded Altos Labs with Mail.ru founder Yuri Milner. Altos Labs is a well-funded biotechnology company dedicated to harnessing cellular reprogramming to develop longevity therapeutics.[5] The company has recruited prominent scientists such as Juan Carlos Izpisúa Belmonte (known for work on rejuvenation through reprogramming), Steve Horvath (known for work in epigenetic aging clocks), and Shinya Yamanaka (the Nobel Prize-winning inventor of cellular reprogramming in mammalian cells).[5]

The company left stealth mode and launched on January 19, 2022, with a start capital of $3 billion and an executive team led by Hal Barron.[132]

Public image

 
Bezos at a naturalization ceremony on June 14, 2016

Journalist Nellie Bowles of The New York Times has described the public persona and personality of Bezos as that of "a brilliant but mysterious and coldblooded corporate titan".[133] During the 1990s, Bezos earned a reputation for relentlessly pushing Amazon forward, often at the expense of public charity and social welfare.[133][134] Journalist Mark O'Connell criticized Bezos's relentless customer focus as "very small" in terms of impact on humanity as a whole,[135] a sentiment technologist Tim O'Reilly agreed with.[136] His business practices projected a public image of prudence and parsimony with his own wealth and that of Amazon. In 1999, Bezos was worth $10 billion yet drove a 1996 Honda Accord.[137] Throughout the early 2000s, he was perceived to be geeky or nerdy.[138][139][140]

Bezos was seen by some as needlessly quantitative and data-driven.[141][142] This perception was detailed by Alan Deutschman, who described him as "talking in lists" and "[enumerating] the criteria, in order of importance, for every decision he has made."[138] Select accounts of his persona have drawn controversy and public attention. Notably, journalist Brad Stone wrote a book that described Bezos as a demanding boss as well as hyper-competitive,[134][141] and opined that Bezos perhaps "bet the biggest on the Internet" than anyone else.[143] Bezos has been characterized as a notoriously opportunistic CEO who operates with little concern for obstacles and externalities.[144][145]

During the early 2010s, Bezos solidified his reputation for aggressive business practices, and his public image began to shift. Bezos started to wear tailored clothing; he weight trained, pursued a regimented diet and began to freely spend his money.[146] His physical transformation has been compared to the transformation of Amazon; he is often referred to as the metonym of the company.[147][148] His physical appearance increased the public's perception of him as a symbolically dominant figure in business and in popular culture, wherein he has been parodied as an enterprising supervillain.[149][150][151] Since 2017, he has been portrayed by Kyle Mooney and Steve Carell on Saturday Night Live, usually as an undercutting, domineering figure.[152][better source needed] In May 2014, the International Trade Union Confederation named Bezos the "World's Worst Boss", with its general secretary Sharan Burrow saying: "Jeff Bezos represents the inhumanity of employers who are promoting the North American corporate model",[153] while in 2019, Harvard Business Review, which ranked Bezos the best-performing CEO for 4 years in a row since 2014, did not rank him even in the top 100, citing Amazon's "relatively low ESG (environment, social, and governance) scores" that reflect "risks created by working conditions and employment policies, data security, and antitrust issues."[154]

During the late 2010s, Bezos reversed his reputation for being reluctant to spend money on non-business-related expenses.[25] His relative lack of philanthropy compared to other billionaires has drawn a negative response from the public since 2016.[155][25] Bezos has been known to publicly contest claims made in critical articles, as exemplified in 2015 when he sent a memo to employees denouncing a New York Times piece.[156][157]

Leadership style

"Day 1" Management Philosophy

Day 1: start up
Day 2: stasis
Day 3: irrelevance
Day 4: "excruciating, painful decline"
Day 5: death

Bezos has stated "it is always Day 1" to describe his growth mindset.[158][159]

Bezos used what he called a "regret-minimization framework" while he worked at D. E. Shaw and again during the early years of Amazon. He described this life philosophy by stating: "When I'm 80, am I going to regret leaving Wall Street? No. Will I regret missing the beginning of the Internet? Yes."[160] During the 1990s and early 2000s at Amazon, he was characterized as trying to quantify all aspects of running the company, often listing employees on spreadsheets and basing executive decisions on data.[35] To push Amazon forward, Bezos developed the mantra "Get Big Fast", establishing the company's need to scale its operations to produce market dominance.[48] He favored diverting Amazon profits back into the company in lieu of allocating it amongst shareholders in the form of dividends.[138]

Bezos uses the term "work–life harmony" instead of the more standard "work–life balance" because he believes that balance implies that you can only have one and not the other. He believes that work and home life are interconnected, informing and calibrating each other.[161] Journalist Walt Mossberg dubbed the idea that someone who cannot tolerate criticism or critique should not do anything new or interesting "The Bezos Principle".[162] Bezos does not schedule early morning meetings and enforces a two-pizza rule—a preference that meetings are small enough for two pizzas to feed everyone in the boardroom.[163] When interviewing candidates for jobs at Amazon, he has stated he considers three inquiries: can he admire the person, can the person raise the common standard, and under what circumstances could the person become exemplary.[164]

In 2018, it was reported that he met with Amazon investors for just six hours a year.[163] Instead of using presentation slides, Bezos requires high-level employees to present information with six-page narratives.[165] Since 1998, Bezos has published an annual letter for Amazon shareholders wherein he frequently refers to five principles: focus on customers, not competitors; take risks for market leadership; facilitate staff morale; build a company culture; and empower people.[166][167] Bezos maintains the email address jeff@amazon.com[168] as an outlet for customers to reach out to him and the company. Although he does not respond to the emails, he forwards some of them with a question mark in the subject line to executives, who then attempt to address the issues.[169] Bezos has cited Jeff Immelt of New Enterprise Associates,[170] Warren Buffett of Berkshire Hathaway, Jamie Dimon of JPMorgan Chase, and Bob Iger of The Walt Disney Company as major influences on his leadership style.[170][171]

Recognition

Wealth

Annual estimates of Jeff Bezos's net worth[a]
Year Billions Change Year Billions Change
1999 10.1   0.0% 2009 6.8   17.1%
2000 6.1   40.5% 2010 12.6   85.3%
2001 2.0   66.6% 2011 18.1   43.7%
2002 1.5   25.0% 2012 23.2   28.2%
2003 2.5   66.6% 2013 28.9   24.5%
2004 5.1   104% 2014 30.5   5.5%
2005 4.1   19.6% 2015 50.3   60.9%
2006 4.3   5.1% 2016 45.2   10.1%
2007 8.7   102.3% 2017 72.8   61.6%
2008 8.2   5.7% 2018 112.0   53.8%
Main data source: Forbes World's Billionaires Estimates
Additional reference(s): Bloomberg Billionaires Index

Bezos first became a millionaire in 1997 after raising $54 million through Amazon's initial public offering (IPO).[188] He was first included on the Forbes World's Billionaires list in 1999 with an estimated net worth of $10.1 billion, which placed his on the 19th position in the world and 10th in the USA.[189] His net worth decreased to $6.1 billion a year later, a 40.5% drop.[190] His wealth plummeted even more the following year, dropping 66.6% to $2.0 billion.[191] He lost $500 million the following year, which brought his net worth down to $1.5 billion.[192] The following year, his net worth increased by 66.66% to $2.5 billion.[193] From 2005 to 2007, he quadrupled his net worth to $8.7 billion.[194] After the financial crisis and succeeding economic recession, his net worth would decrease to $6.8 billion—a 17.7% drop.[195][196] His wealth rose by 85.2% in 2010, leaving him with $12.6 billion. This percentage increase ascended him to the 43rd spot on the ranking from 68th.[195][197]

After a rumor broke out that Amazon was developing a smartphone, Bezos's net worth rose to $30.5 billion in 2014.[198][199] A year later, Bezos entered the top ten when he increased his net worth to a total of $50.3 billion. Bezos rose to become the fifth richest person in the world hours before market close; he gained $7 billion in one hour.[200] By the time the Forbes list was calculated in March 2016, his net worth was registered at $45.2 billion.[201] However, just months later in October 2016, his wealth increased by $16.2 billion to $66.5 billion, unofficially ranking him the third-richest person in the world, behind Warren Buffett.[202] After sporadic jumps in Amazon's share price, in July 2017 he briefly unseated Microsoft co-founder Bill Gates as the wealthiest person in the world.[203]

 
The net worth of Jeff Bezos from 1999 to 2018 as estimated by Forbes magazine, in the nominal U.S. dollar. His net worth is calculated in the billions by March of each year.

Bezos would continue to sporadically surpass Gates throughout the month of October 2017 after Amazon's share price fluctuated.[204] His net worth surpassed $100 billion for the first time on November 24, 2017, after Amazon's share price increased by more than 2.5%.[205] When the 2017 list was issued, Bezos's net worth was registered at $72.8 billion, adding $27.6 billion from the previous year.[206] His wealth's rapid growth from 2016 to 2017 sparked a variety of assessments about how much money Bezos earned on a controlled, reduced time scale. On October 10, 2017, he made an estimated $6.24 billion in 5 minutes, slightly less than the annual gross domestic product of Kyrgyzstan.[207]

On March 6, 2018, Bezos was designated the wealthiest person in the world, with a registered net worth of $112 billion.[208] He unseated Bill Gates ($90 billion), who was $6 billion ahead of Warren Buffett ($84 billion), ranked third.[209] He is considered the first registered centi-billionaire (not adjusted for inflation).[b]

His wealth, in 2017–18 terms, equaled that of 2.7 million Americans.[214] Bezos's net worth increased by $33.6 billion from January 2017 to January 2018. This increase outstripped the economic development (in GDP terms) of more than 96 countries around the world.[215] During March 9, Bezos earned $230,000 every 60 seconds.[216] The Motley Fool estimated that if Bezos had not sold any of his shares from its original public offering in 1997, his net worth would sit at $181 billion in 2018.[217] According to Quartz, his net worth of $150 billion in July 2018 was enough to purchase the entire stock markets of Nigeria, Hungary, Egypt, Luxembourg, and Iran.[218] Following the report by Quartz, Amazon workers in Poland, (Germany), and Spain participated in demonstrations and labor strikes to draw attention to his growing wealth and the lack of compensation, labor rights, and satisfactory working conditions of select Amazon workers.[219] On July 17, 2018, he was designated the "wealthiest person in modern history"[c] by the Bloomberg Billionaires Index,[222] Fortune,[223] MarketWatch,[224] The Wall Street Journal,[225] and Forbes.[221]

In 2019, Bezos's wealth was reduced by the divorce from his wife MacKenzie Bezos.[226][227] According to Forbes, had the Washington state common law applied to their divorce without a prenuptial agreement, Bezos's wealth could have been equitably divided with his ex-wife;[228][229] however, she eventually received 25% of Bezos's Amazon shares, valued at approximately $36 billion, making her the third-richest woman in the world. Bezos retained his interest in The Washington Post and Blue Origin, as well as voting control of the shares received by his ex-wife.[230]

In June 2019, Bezos purchased three adjoining apartments overlooking Madison Square Park in Manhattan, including a penthouse, for a combined total of US$80 million, making this one of the most expensive real estate purchases within New York City in 2019.[231] Bezos had also purchased three adjoining apartments at 25 Central Park West in Manhattan for $7.65 million in 1999;[232][233] he bought a fourth unit in that building for $5.3 million in 2012.[233]

In February 2020, Bezos purchased the Warner Estate from David Geffen for $165 million,[234][235] a record price paid for a residence in the Los Angeles area. The previous record high price of $150 million was paid by Lachlan Murdoch for the Chartwell Mansion. During the COVID-19 pandemic, it was reported that Bezos's fortune had grown by $24 billion, citing a surge in demand from households on lockdown shopping on Amazon.[236] He further expanded his residential holdings in February 2022, purchasing a $16.13-million-dollar apartment at a 24-story boutique condominium, located across from Madison Square Park in the Flatiron neighbourhood, where he already owns all the units on the top floors.[237] Bezos is the owner of the Y721, a luxury superyacht estimated to cost more than $500,000,000; it is the largest yacht in the world.[238]

Criticism

Bezos is known for creating an adversarial environment at Amazon, as well as insulting and verbally abusing his employees. As journalist Brad Stone revealed in his book The Everything Store, Bezos issued remarks to his employees such as "I'm sorry, did I take my stupid pills today?", "Are you lazy or just incompetent?", and "Why are you ruining my life?"[144] Additionally, Bezos reportedly pitted Amazon teams against each other, and once declined to give Amazon employees city bus passes in order to discourage them from leaving the office.[144]

Throughout his early years of ownership of The Washington Post, Bezos was accused of having a potential conflict of interest with the paper.[239] Bezos and the newspaper's editorial board have dismissed accusations that he unfairly controlled the paper's content, and Bezos maintains the paper's independence.[240][116] Bezos' treatment of employees at The Washington Post has also drawn scrutiny.[241] In 2018, more than 400 Washington Post employees wrote an open letter to Bezos criticizing his poor wages and benefits for his employees. The letter demanded "Fair wages; fair benefits for retirement, family leave and health care; and a fair amount of job security".[241] Around 750 employees at The Washington Post went on a brief strike in December 2023 in response to Bezos' plans to layoff staff.[242]

Personal life

See also: Family of Jeff Bezos
 
Bezos in 2017

In 1992, while Bezos was working for D. E. Shaw in Manhattan, he met novelist MacKenzie Tuttle, who was a research associate at the firm; the couple married a year later.[42][243] In 1994, they moved across the country to Seattle, Washington, where Bezos founded Amazon.[244] Bezos and his now ex-wife MacKenzie are the parents of four children: three sons and a daughter adopted from China.[91][245]

In March 2003, Bezos was a passenger in a helicopter that crashed in West Texas while surveying land to buy for Blue Origin; the other 3 occupants in the helicopter were pilot Charles "Cheater" Bella, Amazon lawyer Elizabeth Korrell, and local rancher Ty Holland.[246][247] All survived; Bezos sustained only minor injuries and was discharged from a local hospital the same day.[35]

Bezos portrayed a Starfleet official in the 2016 movie Star Trek Beyond, and joined the cast and crew at a San Diego Comic-Con screening.[248] He had lobbied Paramount for the role apropos of Alexa and his personal/professional interest in speech recognition. His one line consisted of a response to an alien in distress: "Speak Normally." In his initial discussion of the project which became Alexa with his technical advisor Greg Hart in 2011, Bezos told him that the goal was to create "the Star Trek computer."[249] Bezos's family corporation Zefram LLC is named after Zefram Cochrane, a character from Star Trek.[250]

In January 2019, Bezos and his wife Mackenzie released a joint statement which revealed that they would be getting divorced after 25 years together.[251][252][253] Subsequently, National Enquirer revealed that Bezos had an affair with media personality Lauren Sánchez; the affair with Sánchez had lasted for months.[254][255] Later, Bezos published an online essay on February 7, 2019, in which he accused American Media, Inc. owner David Pecker of "extortion and blackmail" for threatening to publish intimate photos of Bezos and current girlfriend Lauren Sánchez[256] if he did not stop his investigation into how his text messages and other photos had been leaked to the National Enquirer.[257][258] Media reports have accused Sánchez's brother Michael of being the source for the photos obtained by National Enquirer; however, Bezos has speculated that it may have been the Saudi Arabian government.[259]

On April 4, 2019, the divorce was finalized, with Bezos keeping 75% of the couple's Amazon stock and MacKenzie getting the remaining 25% ($35.6 billion) in Amazon stock. However, Bezos would keep all of the couple's voting rights.[260] On May 22, 2023, Sánchez and Bezos became engaged.[261] He is the Honorary Chair of the Explorers Club.[262]

Politics

 
Indian Prime Minister Narendra Modi presenting the USIBC Global Leadership Award to Bezos, in Washington, D.C. on June 7, 2016
 
British Prime Minister Boris Johnson meets with Bezos during the United Nations General Assembly, in New York City on September 20, 2021.

According to public campaign finance records, Bezos supported the electoral campaigns of Patty Murray and Maria Cantwell, two Democratic U.S. senators from Washington. He has also supported Democrats U.S. representative John Conyers, as well as Patrick Leahy and Republican Spencer Abraham, U.S. senators serving on committees dealing with Internet-related issues.[263] Jeff Bezos and MacKenzie Bezos have supported the legalization of same-sex marriage, and in 2012 contributed $2.5 million to Washington United for Marriage, a group supporting a yes vote on Washington Referendum 74, which affirmed a same-sex marriage law enacted in the state.[264] Bezos donated $100,000 towards a movement against a Washington state income tax in 2010 for "top earners".[263] In 2012, he donated to Amazon's political action committee (PAC),[263] which has given $56,000 and $74,500 to Democrats and Republicans, respectively.[265]

After the 2016 presidential election, Bezos was invited to join Donald Trump's Defense Innovation Advisory Board, an advisory council to improve the technology used by the Defense Department.[59][266] Trump has repeatedly attacked Bezos via Twitter, accused Bezos of avoiding corporate taxes, gaining undue political influence, and undermining his presidency by spreading "fake news".[267][268][269][270]

In 2014, Amazon won a bid for a cloud computing contract with the CIA valued at $600 million.[271] A 2018, $10 billion contract known as the Joint Enterprise Defense Infrastructure (JEDI) project, this time with the Pentagon, was allegedly written up in a way that favors Amazon.[272] Controversy over this was raised when General James Mattis accepted a headquarters tour invitation from Bezos and co-ordinated the deal through Sally Donnelly, a lobbyist who previously worked for Amazon.[273] In November 2019, when the contract was awarded to Microsoft instead, Amazon filed a lawsuit with allegations that the bidding process was biased.[274][275] On July 6, 2021, the Pentagon cancelled the JEDI contract with Microsoft, citing that "due to evolving requirements, increased cloud conversancy, and industry advances, the JEDI Cloud contract no longer meets its needs."[276] Despite Bezos's support for an open borders policy towards immigrants, Amazon has actively marketed facial recognition software to U.S. Immigration and Customs Enforcement (ICE).[277]

In 2019, a political action committee linked to Bezos spent over $1 million in an unsuccessful attempt to defeat the reelection bid of Seattle city council member and activist Kshama Sawant.[278]

On November 22, 2021, Jeff Bezos donated $100 million to the Obama Foundation to "help expand the scope of programming that reaches emerging leaders", and requested the Obama Presidential Center's plaza to be named after John Lewis.[279][280]

Saudi hacking claim

Main article: Jeff Bezos phone hacking

In March 2018, Bezos met in Seattle with Mohammad bin Salman, the crown prince and de facto ruler of Saudi Arabia, to discuss investment opportunities for Saudi Vision 2030.[281] In March 2019, Bezos's security consultant accused the Saudi government of hacking Bezos's phone. According to BBC, Bezos's top security staffer, Gavin de Becker,[282] "linked the hack to the Washington Post's coverage of the murder of Saudi writer Jamal Khashoggi at the Saudi consulate in Istanbul". Khashoggi, a Saudi journalist and dissident was employed as a writer at the Washington Post, owned by Bezos. Khashoggi was killed in late 2018, in Turkey's Saudi consulate for his critical stance and journalism against the Saudi government and its leader.[283]

In January 2020, The Guardian reported that the hack was initiated before the murder but after Khashoggi wrote critically about the crown prince in the Washington Post. Forensic analysis of Bezos's mobile phone conducted by advisory firm FTI Consulting, concluded it "highly probable" that the hack was achieved using a malicious file hidden in a video sent in a WhatsApp message to Bezos from the personal account of the crown prince on May 1, 2018.[284][285] Saudi Arabia has denied the claim.[286]

Philanthropy

 
Bezos funded the retrieval of these F-1 engine parts from the bottom of the Atlantic Ocean in 2015, eventually donating them to the Seattle Museum of Flight. They are from Apollo 16 (above) and Apollo 12 (below).

Bezos donated to the Fred Hutchinson Cancer Research Center several times between 2009 and 2017.[287] In 2013, he pledged $500,000 to Worldreader, a non-profit founded by a former Amazon employee.[288]

In September 2018, Business Insider reported that Bezos was the only one of the top five billionaires in the world who had not signed the Giving Pledge, an initiative created by Bill Gates and Warren Buffett that encourages wealthy people to give away a majority of their wealth.[289] That same month, Janet Camarena, director of transparency initiatives at Foundation Center, was quoted by CNBC as having questions about Bezos's new Day 1 Fund, including the fund's structure and how exactly it will be funded.[290]

In May 2017, Bezos gave $1 million to the Reporters Committee for Freedom of the Press, which provides pro bono legal services for American journalists.[291] On June 15, 2017, he posted a message on Twitter asking for ideas for philanthropy: "I'm thinking about a philanthropy strategy that is the opposite of how I mostly spend my time—working on the long term".[25] At the time of the post, Bezos's lifetime spending on charitable causes was estimated to be $100 million.[25] Multiple opinion columnists responded by asking Bezos to pay higher wages to Amazon warehouse workers.[292][293] A year later in June, he tweeted that he would announce two philanthropic foci by the end of summer 2018.[294] Bezos announced in September 2018 that he would commit approximately $2 billion to a fund to deal with American homelessness and establish a network of non-profit preschools for low income communities.[295] As part of this announcement, he committed to establishing the "Day 1 Families Fund" to finance "night shelters and day care centers for homeless families" and the "Day 1 Academies Fund" for early childhood education.[296][297]

In January 2018, Bezos made a $33 million donation to TheDream.US, a college scholarship fund for undocumented immigrants brought to the United States as minors.[298][better source needed] In June 2018, Bezos donated to Breakthrough Energy Ventures, a private philanthropic fund founded by Bill Gates aimed at promoting emissions-free energy.[299] In September 2018, Bezos donated $10 million to With Honor, a nonpartisan organization that works to increase the number of veterans in political office.[300]

In February 2020, Bezos pledged $10 billion to combat climate change through the Bezos Earth Fund.[301][302][303] Later that year, in November, Bezos announced $791M of donations to established, well-known groups, with $100M each going to Environmental Defense Fund, Natural Resources Defense Council, The Nature Conservancy, World Resources Institute and World Wildlife Fund, and the remainder going to 11 other groups.[304][305][306] In April 2020, early in the COVID-19 pandemic, Bezos donated $100 million to food banks through Feeding America.[236][307][308] In November 2021, Bezos pledged to donate $2 billion towards restructuring food systems and nature conservation at the 2021 United Nations Climate Change Conference.[309]

Bezos Academy is a group of tuition-free preschools for students from low-income families, which was created by Bezos, and which operate in a manner similar to the Montessori method.[310]

In November 2022, Bezos granted a $100-million Courage and Civility Award to singer Dolly Parton in recognition of her charity work focused on improving children's literacy around the world.[311]

On November 22, 2022, Jeff Bezos awarded $123 million to organizations that are engaged in relocating homeless families to permanent housing. Day 1 Families Fund grants, the amounts of which vary in monetary terms, will be sent to 40 organizations across the country.[312]

See also

Notes

  1. ^ All currency figures expressed in the United States dollar (US$) in nominal terms.
  2. ^ Although Bill Gates momentarily surpassed the $100 billion net worth mark in April 1999 before the Dot-com bubble,[210] Bezos was the first to register $100 billion with major wealth indexes and has retained the wealth for longer than Gates's three weeks.[211][212][213]
  3. ^ Many calculations of Bezos's wealth during the late 2010s were not adjusted for inflation. When he was designated the "world wealthiest person" on March 6, 2018, the Forbes The World's Billionaires list stipulated that although Bezos was the first centi-billionaire (i.e. +US$100 billion in net worth), it was Bill Gates who had the most money when taken in real terms.[220] In such terms, Gates had $150 billion while Bezos had $100 billion. However, in July 2018, the net worth of Bezos officially surpassed the $150 billion mark, which led most major wealth indexes to label him the wealthiest person in modern history (post-1982).[221]

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Sources

Further reading

  • Boyle, Alan (May 29, 2018). "Jeff Bezos: 'We will have to leave this planet ... and it's going to make this planet better'". GeekWire. from the original on May 29, 2018. Retrieved May 31, 2018.
  • Davenport, Christian (2018). The Space Barons: Elon Musk, Jeff Bezos, and the Quest to Colonize the Cosmos. PublicAffairs. ISBN 978-1610398299.
  • Döpfner, Mathias S. (March 28, 2018). "Jeff Bezos reveals what it's like to build an empire". Business Insider. from the original on April 30, 2018. Retrieved April 29, 2018.
  • Fernholz, Tim (2018). Rocket Billionaires: Elon Musk, Jeff Bezos, and the New Space Race. Houghton Mifflin Harcourt. ISBN 978-1328662231.
  • Leibovich, Mark. The New Imperialists (Prentice Hall, 2002) pp 55–104.online
  • Wingfield, Nick (January 12, 2018). "Jeff Bezos, Mr. Amazon, Steps Out". The New York Times. from the original on April 22, 2018. Retrieved April 29, 2018.
  • Wofford, Ben (April 22, 2018). "Inside Jeff Bezos's Washington D.C. Life".
January 19, 2024
jeff, bezos, bezos, redirects, here, other, people, with, surname, bezos, surname, jeffrey, preston, bezos, zohss, jorgensen, born, january, 1964, american, businessman, media, proprietor, investor, founder, executive, chairman, former, president, amazon, worl. Bezos redirects here For other people with the surname see Bezos surname Jeffrey Preston Bezos ˈ b eɪ z oʊ s BAY zohss 2 ne Jorgensen born January 12 1964 is an American businessman media proprietor and investor He is the founder executive chairman and former president and CEO of Amazon the world s largest e commerce and cloud computing company He is the third wealthiest person in the world with a net worth of about US 175 4 billion as of 16 January 2024 He was the wealthiest from 2017 to 2021 according to both the Bloomberg Billionaires Index and Forbes 3 4 Jeff BezosBezos at the LAAFB SMC in 2017BornJeffrey Preston Jorgensen 1964 01 12 January 12 1964 age 60 Albuquerque New Mexico U S EducationPrinceton University BSE OccupationsBusinessmanmedia proprietorinvestorYears active1986 presentTitleFounder and executive chairman of AmazonFounder of Blue OriginOwner of The Washington PostFounder of Bezos ExpeditionsExecutive Chair of Bezos Earth FundFounder of Bezos AcademySpouseMacKenzie Scott m 1993 div 2019 wbr Partner s Lauren Sanchez 2019 present engaged Children4ParentsJackie BezosTed JorgensenRelativesMark Bezos half brother 1 SignatureBezos was born in Albuquerque and raised in Houston and Miami He graduated from Princeton University in 1986 with degrees in electrical engineering and computer science He worked on Wall Street in a variety of related fields from 1986 to early 1994 Bezos founded Amazon in mid 1994 on a road trip from New York City to Seattle The company began as an online bookstore and has since expanded to a variety of other e commerce products and services including video and audio streaming cloud computing and artificial intelligence It is the world s largest online sales company the largest Internet company by revenue and the largest provider of virtual assistants and cloud infrastructure services through its Amazon Web Services branch Bezos founded the aerospace manufacturer and sub orbital spaceflight services company Blue Origin in 2000 Blue Origin s New Shepard vehicle reached space in 2015 and afterwards successfully landed back on Earth he flew into space on Blue Origin NS 16 in 2021 He also purchased the major American newspaper The Washington Post in 2013 for 250 million and manages many other investments through his venture capital firm Bezos Expeditions In September 2021 Bezos co founded Altos Labs with Mail ru founder Yuri Milner 5 The first centibillionaire on the Forbes Real Time Billionaires Index and the second ever to have eclipsed the feat since Bill Gates in 1999 6 Bezos was named the richest man in modern history after his net worth increased to 150 billion in July 2018 7 In August 2020 according to Forbes he had a net worth exceeding 200 billion 8 On July 5 2021 Bezos stepped down as the CEO and president of Amazon and took over the role of executive chairman Amazon Web Services CEO Andy Jassy succeeded Bezos as the CEO and president of Amazon In October 2023 he was ranked second on the Forbes 400 list of wealthiest Americans with a net worth of 161 billion Contents 1 Early life and education 2 Business career 2 1 Early career 2 2 Amazon 2 3 Blue Origin 2 4 The Washington Post 2 5 Bezos Expeditions 2 6 Altos Labs 3 Public image 3 1 Leadership style 4 Recognition 5 Wealth 6 Criticism 7 Personal life 8 Politics 8 1 Saudi hacking claim 9 Philanthropy 10 See also 11 Notes 12 References 13 Sources 14 Further reading 15 External linksEarly life and educationJeffrey Preston Jorgensen was born on January 12 1964 in Albuquerque New Mexico 9 as the son of Jacklyn nee Gise and Ted Jorgensen 10 At the time of Jeff s birth his mother was a 17 year old high school student and his father was 19 years old 11 Jorgensen was a Danish American unicyclist 12 born in Chicago to a family of Baptists 13 After completing high school despite challenging conditions Jacklyn attended night school bringing her baby with her 14 Jeff attended a Montessori school in Albuquerque when he was 2 years old 15 Ted Jorgensen drank and struggled financially 16 Jacklyn left her husband to live with her parents filing for divorce in June 1965 when Jeff was 17 months old 17 After his parents divorced his mother married Cuban immigrant Miguel Mike Bezos in April 1968 18 Shortly after the wedding Mike adopted four year old Jeff whose surname was then legally changed from Jorgensen to Bezos 19 Gise her husband and her son left the area and asked Jorgensen to discontinue contact to which he agreed 20 After Mike had received his degree from the University of New Mexico the family moved to Houston Texas so that he could begin working as an engineer for Exxon 21 Jeff attended River Oaks Elementary School in Houston from fourth to sixth grade 22 Jeff s maternal grandfather was Lawrence Preston Gise a regional director of the U S Atomic Energy Commission AEC in Albuquerque 23 Lawrence retired early to his family s ranch near Cotulla Texas where Jeff would spend many summers in his youth 24 Jeff would later purchase this ranch and expand it from 25 000 acres 10 117 ha to 300 000 acres 121 406 ha 25 26 Jeff displayed scientific interests and technological proficiency and once rigged an electric alarm to keep his younger siblings out of his room 27 28 The family moved to Miami Florida where Jeff attended Miami Palmetto High School 29 30 While Jeff was in high school he worked at McDonald s as a short order line cook during the breakfast shift 31 Bezos attended the Student Science Training Program at the University of Florida He was high school valedictorian a National Merit Scholar 32 33 and a Silver Knight Award winner in 1982 32 In his graduation speech Bezos told the audience he dreamed of the day when mankind would colonize space A local newspaper quoted his intention to get all people off the earth and see it turned into a huge national park 34 After graduating from high school in 1982 Bezos attended Princeton University He initially majored in physics but later switched to electrical engineering and computer science 35 Bezos was a member of the Quadrangle Club one of Princeton s 11 eating clubs 36 In addition he was the president of the Princeton chapter of the Students for the Exploration and Development of Space SEDS 37 38 He had a 4 2 GPA and was elected to Phi Beta Kappa and Tau Beta Pi Bezos graduated from Princeton in 1986 with a Bachelor of Science in Engineering BSE summa cum laude 39 Business careerEarly career After Bezos graduated from college in 1986 he was offered jobs at Intel Bell Labs and Andersen Consulting among others 40 He first worked at Fitel a fintech telecommunications start up where he was tasked with building a network for international trade 41 Bezos was promoted to head of development and director of customer service thereafter He transitioned into the banking industry when he became a product manager at Bankers Trust from 1988 to 1990 He then joined D E Shaw amp Co a newly created hedge fund with a strong emphasis on mathematical modelling from 1990 until 1994 Bezos became D E Shaw s fourth senior vice president by age 30 42 40 Amazon Main article Amazon nbsp Bezos front row center at the Robot Co op in 2005In spring 1994 Bezos read that web usage was growing at a rate of 2300 a year and eventually decided to establish an online bookstore 43 He and his then wife MacKenzie Scott left their jobs at D E Shaw and founded Amazon in a rented garage in Bellevue Washington on July 5 1994 after writing its business plan on a cross country drive from New York City to Seattle 44 45 With Bezos at the helm and Scott taking an integral role in its operation writing checks keeping track of the books and negotiating the company s first freight contracts the foundation was laid for this garage run operation to grow exponentially 46 Prior to settling in Seattle Bezos had investigated setting up his company at an Indian reservation near San Francisco in order to avoid paying taxes 47 Bezos initially named his new company Cadabra but later changed the name to Amazon after the Amazon River in South America in part because the name begins with the letter A which is at the beginning of the alphabet 48 At the time website listings were alphabetized so a name starting with A would appear sooner when customers conducted online searches 49 In addition he regarded Amazon the name of the world s largest river as fitting for what he hoped would become the world s largest online bookstore 49 He accepted an estimated 300 000 from his parents as an investment in Amazon 45 50 51 He warned many early investors that there was a 70 chance that Amazon would fail or go bankrupt 52 Although Amazon was originally an online bookstore Bezos had always planned to expand to other products 42 48 Three years after Bezos founded Amazon he took it public with an initial public offering IPO 53 In response to critical reports from Fortune and Barron s Bezos maintained that the growth of the Internet would overtake competition from larger book retailers such as Borders and Barnes amp Noble 48 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 48 Bezos used the 54 million raised during the company s 1997 equity offering to finance the aggressive acquisition of smaller competitors 48 In 2000 Bezos borrowed 2 billion from banks as its cash balances dipped to only 350 million 54 In 2002 Bezos led Amazon to launch Amazon Web Services which compiled data from weather channels and website traffic 48 In late 2002 rapid spending from Amazon caused it financial distress when revenues stagnated 55 After the company nearly went bankrupt he closed distribution centers and laid off 14 of the Amazon workforce 54 In 2003 Amazon rebounded from financial instability and turned a profit of 400 million 56 failed verification In November 2007 Bezos launched the Amazon Kindle 57 According to a 2008 Time profile Bezos wished to create a device that allowed a flow state in reading similar to the experience of video games 58 In 2013 Bezos secured a 600 million contract with the Central Intelligence Agency CIA on behalf of Amazon Web Services 59 In October of that year Amazon was recognized as the largest online shopping retailer in the world 60 nbsp Bezos in 2010In 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 61 On August 4 2016 Bezos sold another million of his shares for 756 7 million 62 A year later Bezos took on 130 000 new employees when he ramped up hiring at company distribution centers 63 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 64 On January 29 2018 he was featured in Amazon s Super Bowl commercial 65 On February 1 2018 Amazon reported its highest ever profit with quarterly earnings of 2 billion 66 Due to the growth of Alibaba in China Bezos has often expressed interest in expanding Amazon into India 67 On July 27 2017 Bezos momentarily became the world s wealthiest person over Microsoft co founder Bill Gates when his estimated net worth increased to just over 90 billion His wealth surpassed 100 billion for the first time on November 24 2017 and he was formally designated the wealthiest person in the world by Forbes on March 6 2018 with a net worth of 112 billion 68 nbsp Bezos receives the James Smithson Bicentennial medal on June 14 2016 for his work with Amazon 69 In March 2018 Bezos dispatched Amit Agarwal Amazon s global senior vice president to India with 5 5 billion to localize operations throughout the company s supply chain routes 70 Later in the month U S President Donald Trump accused Amazon and Bezos specifically of sales tax avoidance misusing postal routes and anti competitive business practices 71 Amazon s share price fell by 9 in response to the President s negative comments this reduced Bezos s personal wealth by 10 7 billion 72 Weeks later Bezos recouped his losses when academic reports out of Stanford University indicated that Trump could do little to regulate Amazon in any meaningful way 73 During July 2018 a number of members of the U S Congress called on Bezos to detail the applications of Amazon s face recognition software Rekognition 74 nbsp Bezos on October 25 2017 on his visit to Los Angeles Air Force Base 75 Criticism of Amazon s business practices continued in September 2018 when Senator Bernie Sanders introduced the Stop Bad Employers by Zeroing Out Subsidies Stop BEZOS Act and accused Amazon of receiving corporate welfare 76 This followed revelations by the non profit group New Food Economy which found that one third of Amazon workers in Arizona and one tenth of Amazon workers in Pennsylvania and Ohio relied on food stamps 77 While preparing to introduce the bill Sanders opined Instead of attempting to explore Mars or go to the moon how about Jeff Bezos pays his workers a living wage 78 He later said Bezos could play a profound role If he said today nobody who is employed at Amazon will receive less than a living wage it would send a message to every corporation in America 79 Sanders s efforts elicited a response from Amazon which pointed to the 130 000 jobs it created in 2017 and called the 28 446 figure for its median salary misleading as it included part time workers 80 However Sanders countered that the companies targeted by his proposal have placed an increased focus on part time workers to escape benefit obligations 81 On October 2 2018 Bezos announced a company wide wage increase which Sanders applauded 82 The American workers who were being paid the minimum wage had this increased to 15 per hour a decision that was interpreted as support for the Fight for 15 movement 83 In February 2021 Bezos announced that in the third quarter of 2021 he would step down from his role as CEO of Amazon to become the Executive Chairman of the Amazon Board He was succeeded as CEO by Andy Jassy 84 85 86 On February 2 2021 Bezos sent an email 87 to all Amazon employees telling them the transition would give him the time and energy he need s to focus on the Day 1 Fund the Bezos Earth Fund Blue Origin The Washington Post and his other passions 88 Blue Origin Main article Blue Origin nbsp Bezos and Rob Meyerson fifth from left giving NASA Deputy Administrator Lori Garver fourth from left a tour of Blue Origin s crew capsule in 2011 nbsp Then U S Secretary of Defense Ash Carter meets with Bezos in 2016 at The Pentagon In September 2000 Bezos founded Blue Origin a human spaceflight startup 89 Bezos has long expressed an interest in space travel and the development of human life in the Solar System 33 His 1982 high school valedictorian senior graduation speech was followed up with a Miami Herald interview in which he expressed an interest to build and develop hotels amusement parks and colonies for human beings who were in orbit 90 The 18 year old Bezos stated that he wanted to preserve Earth from overuse through resource depletion 91 Rob Meyerson led Blue Origin from 2003 to 2017 and served as its first president 92 After its founding Blue Origin maintained a low profile until 2006 when it purchased a large tract of land in West Texas for a launch and test facility 93 After the company gained the public s attention during the late 2000s Bezos additionally indicated his interest in reducing the cost of space travel for humans while also increasing the safety of extraterrestrial travel 94 In September 2011 one of the company s uncrewed prototype vehicles crashed during a short hop test flight Although the crash was viewed as a setback news outlets noted how far the company went from its founding to date in advancing spaceflight 95 After the crash Bezos has been superstitiously wearing his lucky Texas Cowboy boots to all rocket launches 96 In May 2013 Bezos met with Richard Branson chairman of Virgin Galactic to discuss commercial spaceflight opportunities and strategies 97 He has been compared to Branson and Elon Musk as all three are billionaires who prioritize spaceflight among their business interests 98 In 2015 Bezos announced that a new orbital launch vehicle was under development and would make its first flight in the late 2010s 99 Later in November Blue Origin s New Shepard space vehicle successfully rocketed into space and reached its planned test altitude of 329 839 feet 100 5 kilometers before executing a vertical landing back at the launch site in West Texas In 2016 Bezos allowed select journalists to visit tour and photograph his facility 100 He has repeatedly called for increased inter space energy and industrial manufacturing to decrease the negative costs associated with business related pollution 101 In December 2017 New Shepard successfully flew and landed dummy passengers amending and pushing its human space travel start date into late 2018 102 To execute this program Blue Origin built six of the vehicles to support all phases of testing and operations no passenger test flights flights with test passengers and commercial passenger weekly operations 103 Since 2016 Bezos has spoken more freely about his hopes to colonize the solar system and has been selling US 1 billion in Amazon stock each year to capitalize Blue Origin in an effort to support this endeavor 104 105 In May 2018 Bezos maintained that the primary goal of Blue Origin is to preserve the natural resources of Earth by making the human species multi planetary 106 He announced that New Shepard would begin transporting humans into sub orbital space by November 2018 106 In July 2018 it was announced that Bezos had priced commercial spaceflight tickets from 200 000 to 300 000 per person 107 On July 20 2021 he launched on the NS 16 mission with his half brother Mark Bezos Wally Funk and Oliver Daemen 108 He launched nine days after Richard Branson launched onboard the Virgin Galactic Unity 22 mission Bezos s suborbital flight lasted over 10 minutes reaching a peak altitude of 66 5 miles 107 0 km 109 The Washington Post See also The Washington Post On August 5 2013 Bezos announced his purchase of The Washington Post for 250 million in cash 110 at the suggestion of his friend Don Graham 111 To execute the sale he established limited liability company Nash Holdings to serve as a holding company through which he would own the newspaper 112 The sale closed on October 1 2013 and Nash Holdings took control 113 In March 2014 Bezos made his first significant change at The Washington Post and lifted the online paywall for subscribers of a number of U S local newspapers in Texas Hawaii and Minnesota 114 In January 2016 Bezos set out to reinvent the newspaper as a media and technology company by reconstructing its digital media mobile platforms and analytics software 115 After a surge in online readership in 2016 the paper was profitable for the first time since Bezos made the purchase in 2013 116 Bezos Expeditions Main article Bezos Expeditions Bezos makes personal investments through his venture capital vehicle Bezos Expeditions 117 He was one of the first shareholders in Google when he invested 250 000 in 1998 That 250 000 investment resulted in 3 3 million shares of Google stock worth about 3 1 billion in 2017 118 119 He also invested in Unity Biotechnology a life extension research firm hoping to slow or stop the process of aging 120 Bezos is involved in the healthcare sector which includes investments in Unity Biotechnology GRAIL Juno Therapeutics and Zocdoc 121 In January 2018 an announcement was made concerning Bezos s role within a new unnamed healthcare company This venture later named Haven is expected to be a partnership between Amazon JPMorgan and Berkshire Hathaway 122 123 Bezos also supports philanthropic efforts through direct donations and non profit projects funded by Bezos Expeditions 124 Bezos used Bezos Expeditions to fund several philanthropic projects including an Innovation center at the Seattle Museum of History and Industry and the Bezos Center for Neural Circuit Dynamics at Princeton Neuroscience Institute 125 126 In 2013 Bezos Expeditions funded the recovery of two Saturn V first stage Rocketdyne F 1 engines from the floor of the Atlantic Ocean 127 They were positively identified as belonging to the Apollo 11 mission s S 1C stage from July 1969 128 129 The engines are currently on display at the Seattle Museum of Flight 130 131 Altos Labs Main article Altos Labs In September 2021 Bezos co founded Altos Labs with Mail ru founder Yuri Milner Altos Labs is a well funded biotechnology company dedicated to harnessing cellular reprogramming to develop longevity therapeutics 5 The company has recruited prominent scientists such as Juan Carlos Izpisua Belmonte known for work on rejuvenation through reprogramming Steve Horvath known for work in epigenetic aging clocks and Shinya Yamanaka the Nobel Prize winning inventor of cellular reprogramming in mammalian cells 5 The company left stealth mode and launched on January 19 2022 with a start capital of 3 billion and an executive team led by Hal Barron 132 Public image nbsp Bezos at a naturalization ceremony on June 14 2016Journalist Nellie Bowles of The New York Times has described the public persona and personality of Bezos as that of a brilliant but mysterious and coldblooded corporate titan 133 During the 1990s Bezos earned a reputation for relentlessly pushing Amazon forward often at the expense of public charity and social welfare 133 134 Journalist Mark O Connell criticized Bezos s relentless customer focus as very small in terms of impact on humanity as a whole 135 a sentiment technologist Tim O Reilly agreed with 136 His business practices projected a public image of prudence and parsimony with his own wealth and that of Amazon In 1999 Bezos was worth 10 billion yet drove a 1996 Honda Accord 137 Throughout the early 2000s he was perceived to be geeky or nerdy 138 139 140 Bezos was seen by some as needlessly quantitative and data driven 141 142 This perception was detailed by Alan Deutschman who described him as talking in lists and enumerating the criteria in order of importance for every decision he has made 138 Select accounts of his persona have drawn controversy and public attention Notably journalist Brad Stone wrote a book that described Bezos as a demanding boss as well as hyper competitive 134 141 and opined that Bezos perhaps bet the biggest on the Internet than anyone else 143 Bezos has been characterized as a notoriously opportunistic CEO who operates with little concern for obstacles and externalities 144 145 During the early 2010s Bezos solidified his reputation for aggressive business practices and his public image began to shift Bezos started to wear tailored clothing he weight trained pursued a regimented diet and began to freely spend his money 146 His physical transformation has been compared to the transformation of Amazon he is often referred to as the metonym of the company 147 148 His physical appearance increased the public s perception of him as a symbolically dominant figure in business and in popular culture wherein he has been parodied as an enterprising supervillain 149 150 151 Since 2017 he has been portrayed by Kyle Mooney and Steve Carell on Saturday Night Live usually as an undercutting domineering figure 152 better source needed In May 2014 the International Trade Union Confederation named Bezos the World s Worst Boss with its general secretary Sharan Burrow saying Jeff Bezos represents the inhumanity of employers who are promoting the North American corporate model 153 while in 2019 Harvard Business Review which ranked Bezos the best performing CEO for 4 years in a row since 2014 did not rank him even in the top 100 citing Amazon s relatively low ESG environment social and governance scores that reflect risks created by working conditions and employment policies data security and antitrust issues 154 During the late 2010s Bezos reversed his reputation for being reluctant to spend money on non business related expenses 25 His relative lack of philanthropy compared to other billionaires has drawn a negative response from the public since 2016 155 25 Bezos has been known to publicly contest claims made in critical articles as exemplified in 2015 when he sent a memo to employees denouncing a New York Times piece 156 157 Leadership style Day 1 Management Philosophy Day 1 start upDay 2 stasisDay 3 irrelevanceDay 4 excruciating painful decline Day 5 death Bezos has stated it is always Day 1 to describe his growth mindset 158 159 Bezos used what he called a regret minimization framework while he worked at D E Shaw and again during the early years of Amazon He described this life philosophy by stating When I m 80 am I going to regret leaving Wall Street No Will I regret missing the beginning of the Internet Yes 160 During the 1990s and early 2000s at Amazon he was characterized as trying to quantify all aspects of running the company often listing employees on spreadsheets and basing executive decisions on data 35 To push Amazon forward Bezos developed the mantra Get Big Fast establishing the company s need to scale its operations to produce market dominance 48 He favored diverting Amazon profits back into the company in lieu of allocating it amongst shareholders in the form of dividends 138 Bezos uses the term work life harmony instead of the more standard work life balance because he believes that balance implies that you can only have one and not the other He believes that work and home life are interconnected informing and calibrating each other 161 Journalist Walt Mossberg dubbed the idea that someone who cannot tolerate criticism or critique should not do anything new or interesting The Bezos Principle 162 Bezos does not schedule early morning meetings and enforces a two pizza rule a preference that meetings are small enough for two pizzas to feed everyone in the boardroom 163 When interviewing candidates for jobs at Amazon he has stated he considers three inquiries can he admire the person can the person raise the common standard and under what circumstances could the person become exemplary 164 In 2018 it was reported that he met with Amazon investors for just six hours a year 163 Instead of using presentation slides Bezos requires high level employees to present information with six page narratives 165 Since 1998 Bezos has published an annual letter for Amazon shareholders wherein he frequently refers to five principles focus on customers not competitors take risks for market leadership facilitate staff morale build a company culture and empower people 166 167 Bezos maintains the email address jeff amazon com 168 as an outlet for customers to reach out to him and the company Although he does not respond to the emails he forwards some of them with a question mark in the subject line to executives who then attempt to address the issues 169 Bezos has cited Jeff Immelt of New Enterprise Associates 170 Warren Buffett of Berkshire Hathaway Jamie Dimon of JPMorgan Chase and Bob Iger of The Walt Disney Company as major influences on his leadership style 170 171 RecognitionIn 1999 Bezos received his first major award when Time named him Person of the Year 172 In 2008 he was selected by U S News amp World Report as one of America s best leaders 173 Bezos was awarded an honorary doctorate in science and technology from Carnegie Mellon University in 2008 174 In 2011 The Economist gave Bezos and Gregg Zehr an Innovation Award for the Amazon Kindle 175 In 2012 Bezos was named Businessperson of the Year by Fortune 176 He is also a member of the Bilderberg Group and attended the 2011 Bilderberg conference in St Moritz Switzerland 177 and the 2013 conference in Watford Hertfordshire England He was a member of the executive committee of The Business Council for 2011 and 2012 178 2014 2018 he was ranked the best performing CEO in the world by Harvard Business Review 154 He has also figured in Fortune s list of 50 great leaders of the world for three straight years topping the list in 2015 179 In September 2016 Bezos received a 250 000 prize for winning the Heinlein Prize for Advances in Space Commercialization 180 which he donated to the Students for the Exploration and Development of Space 181 better source needed In February 2018 Bezos was elected to the National Academy of Engineering for leadership and innovation in space exploration autonomous systems and building a commercial pathway for human space flight 182 In March 2018 at the Explorers Club annual dinner he was awarded the Buzz Aldrin Space Exploration Award in recognition of his work with Blue Origin 183 He received Germany s 2018 Axel Springer Award for Business Innovation and Social Responsibility 184 Time magazine named him one of the 100 most influential people in the world on five separate occasions between 2008 and 2018 185 In 2019 Bezos was inducted into the Living Legends of Aviation being awarded with the Jeff Bezos Freedom s Wings Award and the Kenn Ricci Lifetime Aviation Entrepreneur Award 186 In February 2023 Bezos was presented with the Legion d honneur the highest French order of merit Bezos had been designated a member of the Legion d Honneur about 10 years earlier but was not available to collect it 187 WealthAnnual estimates of Jeff Bezos s net worth a Year Billions Change Year Billions Change1999 10 1 nbsp 0 0 2009 6 8 nbsp 17 1 2000 6 1 nbsp 40 5 2010 12 6 nbsp 85 3 2001 2 0 nbsp 66 6 2011 18 1 nbsp 43 7 2002 1 5 nbsp 25 0 2012 23 2 nbsp 28 2 2003 2 5 nbsp 66 6 2013 28 9 nbsp 24 5 2004 5 1 nbsp 104 2014 30 5 nbsp 5 5 2005 4 1 nbsp 19 6 2015 50 3 nbsp 60 9 2006 4 3 nbsp 5 1 2016 45 2 nbsp 10 1 2007 8 7 nbsp 102 3 2017 72 8 nbsp 61 6 2008 8 2 nbsp 5 7 2018 112 0 nbsp 53 8 Main data source Forbes World s Billionaires EstimatesAdditional reference s Bloomberg Billionaires IndexBezos first became a millionaire in 1997 after raising 54 million through Amazon s initial public offering IPO 188 He was first included on the Forbes World s Billionaires list in 1999 with an estimated net worth of 10 1 billion which placed his on the 19th position in the world and 10th in the USA 189 His net worth decreased to 6 1 billion a year later a 40 5 drop 190 His wealth plummeted even more the following year dropping 66 6 to 2 0 billion 191 He lost 500 million the following year which brought his net worth down to 1 5 billion 192 The following year his net worth increased by 66 66 to 2 5 billion 193 From 2005 to 2007 he quadrupled his net worth to 8 7 billion 194 After the financial crisis and succeeding economic recession his net worth would decrease to 6 8 billion a 17 7 drop 195 196 His wealth rose by 85 2 in 2010 leaving him with 12 6 billion This percentage increase ascended him to the 43rd spot on the ranking from 68th 195 197 After a rumor broke out that Amazon was developing a smartphone Bezos s net worth rose to 30 5 billion in 2014 198 199 A year later Bezos entered the top ten when he increased his net worth to a total of 50 3 billion Bezos rose to become the fifth richest person in the world hours before market close he gained 7 billion in one hour 200 By the time the Forbes list was calculated in March 2016 his net worth was registered at 45 2 billion 201 However just months later in October 2016 his wealth increased by 16 2 billion to 66 5 billion unofficially ranking him the third richest person in the world behind Warren Buffett 202 After sporadic jumps in Amazon s share price in July 2017 he briefly unseated Microsoft co founder Bill Gates as the wealthiest person in the world 203 nbsp The net worth of Jeff Bezos from 1999 to 2018 as estimated by Forbes magazine in the nominal U S dollar His net worth is calculated in the billions by March of each year Bezos would continue to sporadically surpass Gates throughout the month of October 2017 after Amazon s share price fluctuated 204 His net worth surpassed 100 billion for the first time on November 24 2017 after Amazon s share price increased by more than 2 5 205 When the 2017 list was issued Bezos s net worth was registered at 72 8 billion adding 27 6 billion from the previous year 206 His wealth s rapid growth from 2016 to 2017 sparked a variety of assessments about how much money Bezos earned on a controlled reduced time scale On October 10 2017 he made an estimated 6 24 billion in 5 minutes slightly less than the annual gross domestic product of Kyrgyzstan 207 On March 6 2018 Bezos was designated the wealthiest person in the world with a registered net worth of 112 billion 208 He unseated Bill Gates 90 billion who was 6 billion ahead of Warren Buffett 84 billion ranked third 209 He is considered the first registered centi billionaire not adjusted for inflation b His wealth in 2017 18 terms equaled that of 2 7 million Americans 214 Bezos s net worth increased by 33 6 billion from January 2017 to January 2018 This increase outstripped the economic development in GDP terms of more than 96 countries around the world 215 During March 9 Bezos earned 230 000 every 60 seconds 216 The Motley Fool estimated that if Bezos had not sold any of his shares from its original public offering in 1997 his net worth would sit at 181 billion in 2018 217 According to Quartz his net worth of 150 billion in July 2018 was enough to purchase the entire stock markets of Nigeria Hungary Egypt Luxembourg and Iran 218 Following the report by Quartz Amazon workers in Poland Germany and Spain participated in demonstrations and labor strikes to draw attention to his growing wealth and the lack of compensation labor rights and satisfactory working conditions of select Amazon workers 219 On July 17 2018 he was designated the wealthiest person in modern history c by the Bloomberg Billionaires Index 222 Fortune 223 MarketWatch 224 The Wall Street Journal 225 and Forbes 221 In 2019 Bezos s wealth was reduced by the divorce from his wife MacKenzie Bezos 226 227 According to Forbes had the Washington state common law applied to their divorce without a prenuptial agreement Bezos s wealth could have been equitably divided with his ex wife 228 229 however she eventually received 25 of Bezos s Amazon shares valued at approximately 36 billion making her the third richest woman in the world Bezos retained his interest in The Washington Post and Blue Origin as well as voting control of the shares received by his ex wife 230 In June 2019 Bezos purchased three adjoining apartments overlooking Madison Square Park in Manhattan including a penthouse for a combined total of US 80 million making this one of the most expensive real estate purchases within New York City in 2019 231 Bezos had also purchased three adjoining apartments at 25 Central Park West in Manhattan for 7 65 million in 1999 232 233 he bought a fourth unit in that building for 5 3 million in 2012 233 In February 2020 Bezos purchased the Warner Estate from David Geffen for 165 million 234 235 a record price paid for a residence in the Los Angeles area The previous record high price of 150 million was paid by Lachlan Murdoch for the Chartwell Mansion During the COVID 19 pandemic it was reported that Bezos s fortune had grown by 24 billion citing a surge in demand from households on lockdown shopping on Amazon 236 He further expanded his residential holdings in February 2022 purchasing a 16 13 million dollar apartment at a 24 story boutique condominium located across from Madison Square Park in the Flatiron neighbourhood where he already owns all the units on the top floors 237 Bezos is the owner of the Y721 a luxury superyacht estimated to cost more than 500 000 000 it is the largest yacht in the world 238 CriticismBezos is known for creating an adversarial environment at Amazon as well as insulting and verbally abusing his employees As journalist Brad Stone revealed in his book The Everything Store Bezos issued remarks to his employees such as I m sorry did I take my stupid pills today Are you lazy or just incompetent and Why are you ruining my life 144 Additionally Bezos reportedly pitted Amazon teams against each other and once declined to give Amazon employees city bus passes in order to discourage them from leaving the office 144 Throughout his early years of ownership of The Washington Post Bezos was accused of having a potential conflict of interest with the paper 239 Bezos and the newspaper s editorial board have dismissed accusations that he unfairly controlled the paper s content and Bezos maintains the paper s independence 240 116 Bezos treatment of employees at The Washington Post has also drawn scrutiny 241 In 2018 more than 400 Washington Post employees wrote an open letter to Bezos criticizing his poor wages and benefits for his employees The letter demanded Fair wages fair benefits for retirement family leave and health care and a fair amount of job security 241 Around 750 employees at The Washington Post went on a brief strike in December 2023 in response to Bezos plans to layoff staff 242 Personal lifeSee also Family of Jeff Bezos nbsp Bezos in 2017In 1992 while Bezos was working for D E Shaw in Manhattan he met novelist MacKenzie Tuttle who was a research associate at the firm the couple married a year later 42 243 In 1994 they moved across the country to Seattle Washington where Bezos founded Amazon 244 Bezos and his now ex wife MacKenzie are the parents of four children three sons and a daughter adopted from China 91 245 In March 2003 Bezos was a passenger in a helicopter that crashed in West Texas while surveying land to buy for Blue Origin the other 3 occupants in the helicopter were pilot Charles Cheater Bella Amazon lawyer Elizabeth Korrell and local rancher Ty Holland 246 247 All survived Bezos sustained only minor injuries and was discharged from a local hospital the same day 35 Bezos portrayed a Starfleet official in the 2016 movie Star Trek Beyond and joined the cast and crew at a San Diego Comic Con screening 248 He had lobbied Paramount for the role apropos of Alexa and his personal professional interest in speech recognition His one line consisted of a response to an alien in distress Speak Normally In his initial discussion of the project which became Alexa with his technical advisor Greg Hart in 2011 Bezos told him that the goal was to create the Star Trek computer 249 Bezos s family corporation Zefram LLC is named after Zefram Cochrane a character from Star Trek 250 In January 2019 Bezos and his wife Mackenzie released a joint statement which revealed that they would be getting divorced after 25 years together 251 252 253 Subsequently National Enquirer revealed that Bezos had an affair with media personality Lauren Sanchez the affair with Sanchez had lasted for months 254 255 Later Bezos published an online essay on February 7 2019 in which he accused American Media Inc owner David Pecker of extortion and blackmail for threatening to publish intimate photos of Bezos and current girlfriend Lauren Sanchez 256 if he did not stop his investigation into how his text messages and other photos had been leaked to the National Enquirer 257 258 Media reports have accused Sanchez s brother Michael of being the source for the photos obtained by National Enquirer however Bezos has speculated that it may have been the Saudi Arabian government 259 On April 4 2019 the divorce was finalized with Bezos keeping 75 of the couple s Amazon stock and MacKenzie getting the remaining 25 35 6 billion in Amazon stock However Bezos would keep all of the couple s voting rights 260 On May 22 2023 Sanchez and Bezos became engaged 261 He is the Honorary Chair of the Explorers Club 262 Politics nbsp Indian Prime Minister Narendra Modi presenting the USIBC Global Leadership Award to Bezos in Washington D C on June 7 2016 nbsp British Prime Minister Boris Johnson meets with Bezos during the United Nations General Assembly in New York City on September 20 2021 According to public campaign finance records Bezos supported the electoral campaigns of Patty Murray and Maria Cantwell two Democratic U S senators from Washington He has also supported Democrats U S representative John Conyers as well as Patrick Leahy and Republican Spencer Abraham U S senators serving on committees dealing with Internet related issues 263 Jeff Bezos and MacKenzie Bezos have supported the legalization of same sex marriage and in 2012 contributed 2 5 million to Washington United for Marriage a group supporting a yes vote on Washington Referendum 74 which affirmed a same sex marriage law enacted in the state 264 Bezos donated 100 000 towards a movement against a Washington state income tax in 2010 for top earners 263 In 2012 he donated to Amazon s political action committee PAC 263 which has given 56 000 and 74 500 to Democrats and Republicans respectively 265 After the 2016 presidential election Bezos was invited to join Donald Trump s Defense Innovation Advisory Board an advisory council to improve the technology used by the Defense Department 59 266 Trump has repeatedly attacked Bezos via Twitter accused Bezos of avoiding corporate taxes gaining undue political influence and undermining his presidency by spreading fake news 267 268 269 270 In 2014 Amazon won a bid for a cloud computing contract with the CIA valued at 600 million 271 A 2018 10 billion contract known as the Joint Enterprise Defense Infrastructure JEDI project this time with the Pentagon was allegedly written up in a way that favors Amazon 272 Controversy over this was raised when General James Mattis accepted a headquarters tour invitation from Bezos and co ordinated the deal through Sally Donnelly a lobbyist who previously worked for Amazon 273 In November 2019 when the contract was awarded to Microsoft instead Amazon filed a lawsuit with allegations that the bidding process was biased 274 275 On July 6 2021 the Pentagon cancelled the JEDI contract with Microsoft citing that due to evolving requirements increased cloud conversancy and industry advances the JEDI Cloud contract no longer meets its needs 276 Despite Bezos s support for an open borders policy towards immigrants Amazon has actively marketed facial recognition software to U S Immigration and Customs Enforcement ICE 277 In 2019 a political action committee linked to Bezos spent over 1 million in an unsuccessful attempt to defeat the reelection bid of Seattle city council member and activist Kshama Sawant 278 On November 22 2021 Jeff Bezos donated 100 million to the Obama Foundation to help expand the scope of programming that reaches emerging leaders and requested the Obama Presidential Center s plaza to be named after John Lewis 279 280 Saudi hacking claim Main article Jeff Bezos phone hacking In March 2018 Bezos met in Seattle with Mohammad bin Salman the crown prince and de facto ruler of Saudi Arabia to discuss investment opportunities for Saudi Vision 2030 281 In March 2019 Bezos s security consultant accused the Saudi government of hacking Bezos s phone According to BBC Bezos s top security staffer Gavin de Becker 282 linked the hack to the Washington Post s coverage of the murder of Saudi writer Jamal Khashoggi at the Saudi consulate in Istanbul Khashoggi a Saudi journalist and dissident was employed as a writer at the Washington Post owned by Bezos Khashoggi was killed in late 2018 in Turkey s Saudi consulate for his critical stance and journalism against the Saudi government and its leader 283 In January 2020 The Guardian reported that the hack was initiated before the murder but after Khashoggi wrote critically about the crown prince in the Washington Post Forensic analysis of Bezos s mobile phone conducted by advisory firm FTI Consulting concluded it highly probable that the hack was achieved using a malicious file hidden in a video sent in a WhatsApp message to Bezos from the personal account of the crown prince on May 1 2018 284 285 Saudi Arabia has denied the claim 286 Philanthropy nbsp Bezos funded the retrieval of these F 1 engine parts from the bottom of the Atlantic Ocean in 2015 eventually donating them to the Seattle Museum of Flight They are from Apollo 16 above and Apollo 12 below Bezos donated to the Fred Hutchinson Cancer Research Center several times between 2009 and 2017 287 In 2013 he pledged 500 000 to Worldreader a non profit founded by a former Amazon employee 288 In September 2018 Business Insider reported that Bezos was the only one of the top five billionaires in the world who had not signed the Giving Pledge an initiative created by Bill Gates and Warren Buffett that encourages wealthy people to give away a majority of their wealth 289 That same month Janet Camarena director of transparency initiatives at Foundation Center was quoted by CNBC as having questions about Bezos s new Day 1 Fund including the fund s structure and how exactly it will be funded 290 In May 2017 Bezos gave 1 million to the Reporters Committee for Freedom of the Press which provides pro bono legal services for American journalists 291 On June 15 2017 he posted a message on Twitter asking for ideas for philanthropy I m thinking about a philanthropy strategy that is the opposite of how I mostly spend my time working on the long term 25 At the time of the post Bezos s lifetime spending on charitable causes was estimated to be 100 million 25 Multiple opinion columnists responded by asking Bezos to pay higher wages to Amazon warehouse workers 292 293 A year later in June he tweeted that he would announce two philanthropic foci by the end of summer 2018 294 Bezos announced in September 2018 that he would commit approximately 2 billion to a fund to deal with American homelessness and establish a network of non profit preschools for low income communities 295 As part of this announcement he committed to establishing the Day 1 Families Fund to finance night shelters and day care centers for homeless families and the Day 1 Academies Fund for early childhood education 296 297 In January 2018 Bezos made a 33 million donation to TheDream US a college scholarship fund for undocumented immigrants brought to the United States as minors 298 better source needed In June 2018 Bezos donated to Breakthrough Energy Ventures a private philanthropic fund founded by Bill Gates aimed at promoting emissions free energy 299 In September 2018 Bezos donated 10 million to With Honor a nonpartisan organization that works to increase the number of veterans in political office 300 In February 2020 Bezos pledged 10 billion to combat climate change through the Bezos Earth Fund 301 302 303 Later that year in November Bezos announced 791M of donations to established well known groups with 100M each going to Environmental Defense Fund Natural Resources Defense Council The Nature Conservancy World Resources Institute and World Wildlife Fund and the remainder going to 11 other groups 304 305 306 In April 2020 early in the COVID 19 pandemic Bezos donated 100 million to food banks through Feeding America 236 307 308 In November 2021 Bezos pledged to donate 2 billion towards restructuring food systems and nature conservation at the 2021 United Nations Climate Change Conference 309 Bezos Academy is a group of tuition free preschools for students from low income families which was created by Bezos and which operate in a manner similar to the Montessori method 310 In November 2022 Bezos granted a 100 million Courage and Civility Award to singer Dolly Parton in recognition of her charity work focused on improving children s literacy around the world 311 On November 22 2022 Jeff Bezos awarded 123 million to organizations that are engaged in relocating homeless families to permanent housing Day 1 Families Fund grants the amounts of which vary in monetary terms will be sent to 40 organizations across the country 312 See alsoList of Princeton University alumni List of richest Americans in history List of Time Person of the Year recipients The World s BillionairesNotes All currency figures expressed in the United States dollar US in nominal terms Although Bill Gates momentarily surpassed the 100 billion net worth mark in April 1999 before the Dot com bubble 210 Bezos was the first to register 100 billion with major wealth indexes and has retained the wealth for longer than Gates s three weeks 211 212 213 Many calculations of Bezos s wealth during the late 2010s were not adjusted for inflation When he was designated the world wealthiest person on March 6 2018 the Forbes The World s Billionaires list stipulated that although Bezos was the first centi billionaire i e US 100 billion in net worth it was Bill Gates who had the most money when taken in real terms 220 In such terms Gates had 150 billion while Bezos had 100 billion 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2020 Bezos Earth Fund announces first grants totaling 791M of his 10B pledge to help planet GeekWire November 16 2020 Retrieved March 10 2021 Bezos Earth Fund gives nearly 800 million to climate groups in first round of grants phys org Retrieved March 10 2021 Palmer Annie November 16 2020 Jeff Bezos names first recipients of his 10 billion Earth Fund for combating climate change CNBC Retrieved March 10 2021 Twitter boss pledges 1bn for coronavirus relief BBC News April 7 2020 Archived from the original on April 13 2020 Retrieved April 15 2020 Schleifer Theodore April 2 2020 Why Jeff Bezos s 100 million donation to food banks won t satisfy his critics Vox Archived from the original on April 13 2020 Retrieved April 15 2020 Hahn Jason Duaine November 2 2021 Jeff Bezos Pledges 2B for Nature Conservation as World Leaders Address Deforestation Emissions Yahoo News Archived from the original on December 13 2021 Retrieved November 3 2021 Jeff Bezos s tuition free preschool is expanding to new locations in Texas and Florida Here s who s eligible to attend and why Bezos says the child will be the customer Business Insider January 31 2022 Country star Dolly Parton gets 100m award from Amazon founder Jeff Bezos BBC News November 14 2022 Retrieved November 14 2022 Jeff Bezos announces 40 grants totaling 123 million to combat homelessness edition cnn com November 22 2022 SourcesRobinson Tom 2010 Jeff Bezos Amazon com Architect ABDO Publishing ISBN 978 1 60453 759 8 Further readingBoyle Alan May 29 2018 Jeff Bezos We will have to leave this planet and it s going to make this planet better GeekWire Archived from the original on May 29 2018 Retrieved May 31 2018 Davenport Christian 2018 The Space Barons Elon Musk Jeff Bezos and the Quest to Colonize the Cosmos PublicAffairs ISBN 978 1610398299 Dopfner Mathias S March 28 2018 Jeff Bezos reveals what it s like to build an empire Business Insider Archived from the original on April 30 2018 Retrieved April 29 2018 Fernholz Tim 2018 Rocket Billionaires Elon Musk Jeff Bezos and the New Space Race Houghton Mifflin Harcourt ISBN 978 1328662231 Leibovich Mark The New Imperialists Prentice Hall 2002 pp 55 104 online Wingfield Nick January 12 2018 Jeff Bezos Mr Amazon Steps Out The New York Times Archived from the original on April 22 2018 Retrieved April 29 2018 Wofford Ben April 22 2018 Inside Jeff Bezos s Washington D C Life a, wikipedia, wiki, book, books, library,

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