Jeff Bezos, the founder and CEO of Amazon. Visual China Information
Comprehensive report by trainee reporter Cheng Tianmeng
On October 27, Jeff Bezos, the founder and CEO of Amazon, overtook Bill Gates to become the world's richest person with a net worth of $93.8 billion. This marked a significant shift in the global wealth rankings, as Gates had held the title for many years.
According to reports from American media, on the morning of October 27, Amazon’s stock price surged, increasing Bezos’s net worth significantly due to his ownership of nearly 80 million shares. His net worth reached an impressive $93.8 billion, surpassing Gates, who had a net worth of $88.5 billion since January 2013. This made Bezos the new richest man in the world, while Gates dropped to second place.
At the end of the trading day, Amazon's stock price rose by 13.22%, closing at $1,109.95. The sharp increase reflected investor confidence in the company’s performance and future growth potential.
On October 26, Amazon released its third-quarter earnings report for 2017. The company reported a revenue increase of nearly 34% compared to the same period last year, reaching $4.37 billion. While profits remained around $256 million—similar to the previous year—this marked the tenth consecutive quarter of profitability. Analysts noted that Amazon's share price had risen by 47% this year, highlighting strong market performance.
This is the second time Bezos has claimed the title of the world’s richest person. The first was on July 27, 2017, when he briefly overtook Gates. However, CNBC at the time still believed that Bezos could potentially become the first trillionaire.
Since founding Amazon in 1994 as an online bookstore, Bezos has transformed it into a global business empire. Over 23 years, Amazon has expanded far beyond e-commerce, now operating in cloud computing, digital content, entertainment, software, artificial intelligence, big data, and the Internet of Things.
In addition to internal growth, Bezos has also expanded through strategic acquisitions. One of the most notable was the $13.7 billion purchase of Whole Foods in June 2017, which significantly boosted Amazon’s stock price and reinforced its position in the retail sector.
Let’s take a closer look at how Bezos built his empire from scratch, starting with humble beginnings.
Bezos was not born into wealth. According to CNBC, he was the son of a teenage mother and was raised by his stepfather after his parents divorced when he was just 17 months old. Despite these early challenges, Bezos excelled academically and was admitted to Princeton University before graduating high school.
After earning degrees in computer science and electrical engineering, Bezos worked on Wall Street and became one of the youngest senior vice presidents at an investment firm. In 1994, he left his lucrative career to start Amazon, turning a small online bookstore into a global giant.
In a speech to Princeton University in 2010, Bezos recalled how he saw the internet growing at an astonishing rate of 2,300% per year. He believed that an online bookstore could offer a vast selection of books that was impossible in the physical world.
During the dotcom bubble in the 1990s, Amazon faced tough times, but it survived and eventually thrived. By 2005, the company was profitable and expanding into various industries, including traditional retail, e-books, and more.
With the launch of the Kindle in 2007, Amazon revolutionized the publishing industry. It also ventured into cloud computing, artificial intelligence, and space exploration through Blue Origin, founded in 2003.
Bezos is known for his long-term vision and willingness to take risks. He invests heavily in projects that may take years to bear fruit, such as space travel and AI research.
Beyond Amazon, Bezos has invested in or acquired companies like Zappos, Twitch, and the Washington Post, further expanding his influence across different sectors.
His journey from a small online bookstore to a global tech leader showcases his relentless ambition and strategic thinking. As Amazon continues to innovate, Bezos remains at the forefront of technological and business transformation.
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