It was all too good to be true. The dotcom bubble burst.
The company’s share price, which had hit $106.69, took a beating as analysts fell out of love with the sector.
He had to lay off 15pc of the workforce before the share price recovered.
But all was not lost.
Time magazine named “the king of cybercommerce” as its person of the year. At the age of 35, he was the fourth-youngest recipient of the award.
Bezos is set to turn more of his attention to Blue Origin, his space company
Credit: REUTERS
In 2002 Amazon expanded its offering. A company which was once only selling books offered electronics, toys, magazine subscriptions and kitchenware.
On Tuesday, the
Amazon.com (NASDAQ:AMZN) founder and CEO Jeff Bezos announced that he will be stepping down as the company’s CEO later this year. But he’s not yet retiring from work. Bezos will continue to serve Amazon as its executive chair of the Amazon board. In January, he slipped to the world’s second-richest-person spot.
Tesla CEO Elon Musk raced ahead of him to become the world’s richest person last month.
Is Jeff Bezos retiring from Amazon?
In 2018, Bezos became the world’s first centibillionaire a person with over US$100 billion of wealth. Before founding Amazon in July 1994 with the name Cadabra Inc., Bezos remained unknown to the world. A few years later, his consistent efforts for Amazon’s expansion made his online venture a full-fledged e-commerce portal.
Jeff Bezos led
Amazon.com, Inc.(NASDAQ:AMZN) just became the second public tech firm to report more than US$100 billion in quarterly revenue after
Apple. In Q4 2020, AMZN’s revenue rose by 44% from a year ago to a record US$126 billion. With this, its adjusted net profits more than doubled to US$7.2 billion during the quarter crushing analysts’ estimates of US$3.7 billion.
Amazon’s success story
As Amazon continued to set new records operationally and financially – last year, Bezos yesterday announced that he’d be stepping down as the company’s CEO in the third quarter. Andy Jassy – who joined Amazon in 1997 has been named as its new CEO. Jassy currently heads Amazon’s cloud services subsidiary.