Late in the year 1993, Bezos decided to venture into an online bookstore. He left his job at D. E. Shaw and later founded Amazon in his garage on July 5, 1994, after writing its business plan during a cross-country drive from New York City to Seattle. Bezos at that time initially decided on a mane to his new company as 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 also the beginning of the alphabet.
In 1998, Bezos also tried to diversify the online sale of music and video, and by the end of the year, he had also expanded the company’s products and included a variety of other consumer goods.
In 2000, Bezos borrowed $2 billion from banks, as its cash balances dipped to only $350 million.
In 2002, Bezos also led Amazon to launch its Amazon Web Services, which will compile data from weather channels and website traffic. Later in 2002, the rapid spending from Amazon caused its financial loss when revenues of the company were stagnated.
After the company went bankrupt, he tried to close the distribution centres and called off 14% of the Amazon workforce. In 2003, Amazon again rebounded from financial instability and made a profit of $400 million. Also later in November 2007, Bezos launched the Amazon Kindle.
Bezos first became a millionaire in 1997 after raising $54 million through Amazon’s initial public offering He was first included on the Forbes World’s Billionaires list in 1999 with a registered net worth of $10.1 billion.
In February 2020, Bezos purchased the Warner Estate from David Geffen for $165 million, a record price paid for a residence in the Los Angeles area.
The previous record of the high price is $150 million that was paid by Lachlan Murdoch. During the COVID-19 pandemic, it is reported that Bezos’s fortune had grown by $24 billion, citing a surge in demand from households on lockdown shopping on Amazon.
Following the criticism, Jeff Bezos has stepped down from the position of CEO on Monday, July 5 2021.