Amazon founder and CEO Jeff Bezos. Visual China Information
Trainee reporter Cheng Tianmeng comprehensive report
On October 27, Jeff Bezos, the founder and CEO of Amazon, surpassed Bill Gates to reclaim the title of the world's richest person, with a net worth of $93.8 billion. This marks a significant shift in the global wealth landscape, as Gates had held the position for over a decade.
The surge in Bezos' net worth was fueled by a sharp rise in Amazon’s stock price on the same day. His stake in the company, which includes nearly 80 million shares, saw a substantial increase, pushing his total fortune beyond the previous record set by Gates. As of January 2013, Gates had consistently been ranked as the wealthiest individual, but this time, he fell behind Bezos, taking the second spot on the list of billionaires.
At the end of the trading day, Amazon’s stock closed at $1,109.95, marking a 13.22% increase for the day. The momentum continued from its third-quarter earnings report released on October 26, 2017, where the company reported a revenue of $4.37 billion—up 34% compared to the same period last year—and a profit of $256 million, consistent with the previous year. This marked Amazon's tenth consecutive quarter of profitability, and the stock has gained 47% so far this year.
This is not the first time Bezos has topped the list of the world's wealthiest individuals. In July 2017, he briefly took the lead before losing it again. However, financial analysts like CNBC have long predicted that Bezos could become the first trillionaire in the near future, given the company's growth trajectory.
Starting from an online bookstore in 1994, Bezos transformed Amazon into a global tech and e-commerce giant. Over 23 years, the company expanded into cloud computing, digital content, entertainment, artificial intelligence, big data, and the Internet of Things. Its diverse portfolio now includes everything from e-books and films to smart devices and software solutions.
A major milestone came in June 2017 when Amazon acquired Whole Foods for $13.7 billion, a move that significantly boosted investor confidence and contributed to the recent stock surge. Through strategic acquisitions and investments, Bezos has continuously broadened Amazon’s reach and influence.
Bezos' journey from a modest background to the top of the business world is nothing short of remarkable. Born to a teenage mother, he faced early challenges, including his father's absence and a stepfather who changed his name. Despite these obstacles, he excelled academically, earning admission to Princeton University at a young age. After working on Wall Street, he left a promising career to start Amazon from scratch in 1994.
In a 2010 speech at Princeton, Bezos reflected on the early days of the internet: “I noticed that the number of internet users was growing at an alarming rate of 2300% per year. It was exciting to imagine an online bookstore that could offer millions of titles.†That vision laid the foundation for what would become one of the most powerful companies in the world.
During the dotcom bubble, Amazon faced immense challenges, operating at a loss while borrowing heavily to stay afloat. However, after the bubble burst in 2005, the company began to stabilize and expand, eventually competing with traditional retail giants like Walmart. The launch of the Kindle in 2007 further solidified Amazon’s dominance in digital publishing and e-commerce.
Bezos has always focused on long-term growth, investing in high-risk ventures that others might avoid. He once said, “We are happy to invest in projects that require a 5-7 year cycle, which most companies won’t do.†This philosophy has allowed Amazon to lead in emerging fields such as cloud computing, AI, and space exploration.
Beyond Amazon, Bezos has invested in various industries. He founded Blue Origin, a space travel company, with the goal of making space accessible to more people. In 2013, he purchased the Washington Post, aiming to revitalize the newspaper through innovation and funding. Other notable investments include Zappos, Twitch, and startups focused on medical research and technology.
From an online bookstore to a global tech leader, Bezos has built an empire that continues to evolve. His relentless pursuit of innovation and long-term vision ensures that Amazon remains at the forefront of technological progress. Whether through e-commerce, cloud services, or space exploration, Bezos is shaping the future—one bold step at a time.
Conduction And Convection Dry Herb Vaporizers
END GAME LABS,Conduction And Convection Dry Herb Vaporizers,Portable Dry Herb Vape,Dry Herb Vape Adapter
END GAME LABS , https://www.eglvape.com