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Jeff Bezos and Amazon: The Legacy

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Jeff Bezos and Amazon The Legacy

Jeff Bezos, Amazon CEO and the richest person in the world at the end of 2020, announced that he will be stepping down from his position – leaving behind a legacy spanning across 26 years. However, he will serve as the Executive Chairman on the Amazon Board while focusing on ‘Day 1 Fund, the Bezos Earth Fund, Blue Origin, The Washington Post, and other passions’.

Humble Beginnings

Looking back in time, it is hard to believe that the Amazon conglomerate involved in streaming, e-commerce, entertainment, cloud computing, and even groceries was just a book store in the beginning. Selling books through the internet in 1995 while paying sites to re-direct traffic led Bezos to launch his company’s IPO and there was no looking back.

Innovation is the key

Studying the trajectory of Amazon’s growth, the company grew by leaps and bounds through constant innovation. Here is the chronological order of every new service launched by Jeff Bezos as the Amazon CEO:

Year Service/Product Purpose
1997 1-click shopping button Easy shipping and online purchase
2000 Amazon Marketplace Platform for External sellers
2005 Amazon Prime Subscription for fast delivery
2006 Amazon Web Services Cloud Computing
2007 Amazon MP3 Online music store
2007 Amazon Kindle Digital Reading
2011 Amazon Prime Video Internet-based Streaming
2013 Amazon Prime Air (incomplete) Using Drones for delivery
2014 Fire TV Set-top box hardware
2014 Amazon Echo Smart Speaker

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Smart (and expensive) Acquisitions

Throughout the journey, Jeff Bezos, as Amazon CEO, ensured that the acquisitions add new value to the company while strengthening its previous initiatives on similar lines. If you look closely, the timing and acquired companies given below almost overlap with their respective commercial trends in the global market:

Year Acquisition Price (approx.)
1998 IMDB $55 million
2009 Zappos $928 million
2010 Woot $110 million
2014 Twitch $970 million
2017 Whole Foods $13.7 billion
2018 Ring Home Security $1 billion

 

Jeff Bezos’ work as Amazon CEO has earned its place in the mecca of the world’s greatest entrepreneurs. Although the management genius distances himself from Amazon, Jeff will be in headlines again very soon.

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