Jeff Bezos (/ˈbeɪzoʊs/;born Jeffrey Preston Jorgensen; January 12, 1964) is an American technology and retail entrepreneur and investor. He is the founder, chairman, and chief executive officer of Amazon.com, which has become the world’s largest online shopping retailer. The company began as an Internet merchant of books and expanded to a wide variety of products and services, most recently video streaming and audio streaming. Amazon.com is currently the world’s largest Internet sales website on the World Wide Web.
Bezos’ other diversified business interests include aerospace and newspapers. He is the founder and manufacturer of Blue Origin (founded in 2000) with test flights to space beginning in 2015, and plans for commercial suborbital human spaceflight beginning in 2018. In 2013, Bezos purchased The Washington Post newspaper. A number of other business investments are managed through Bezos Expeditions.
Mr. Bezos currently ranks as the 3rd richest person in the world, with an estimated net worth of US$71.8 billion as of January 2017,just behind fellow Americans, investment mogul Warren Buffet in second, and Bill Gates in first.
Bezos at the ENCORE awards in 2011
|Born||Jeffrey Preston Jorgensen
January 12, 1964
Albuquerque, New Mexico, U.S.
|Residence||Seattle, Washington, U.S.|
|Education||Princeton University (B.S.E)|
|Occupation||Founder, Chairman & CEO of Amazon.com|
|Net worth||US$71.8 billion (January 2017)|
|Spouse(s)||MacKenzie Bezos (m. 1993)|
Early life and education
Bezos was born Jeffrey Preston Jorgensen to Jacklyn (née Gise) and Ted Jorgensen in Albuquerque, New Mexico. His maternal ancestors were settlers who lived in Texas, and over the generations acquired a 25,000-acre (101 km2 or 39 miles2) ranch near Cotulla. As of March 2015, Bezos was among the largest landholders in Texas.Bezos’ maternal grandfather was a regional director of the U.S. Atomic Energy Commission in Albuquerque. He retired early to the ranch, where Bezos spent many summers as a youth, working with him.At an early age, he displayed mechanical aptitude – as a toddler, he even dismantled his crib with a screwdriver.
Bezos’ mother Jacklyn was a teenager at the time of his birth. Her marriage to Jorgensen lasted a little more than a year. In April 1968 (when Jeff was four) she married her second husband, Miguel Bezos, a Cuban who immigrated to the United States alone when he was 15 years old. Bezos worked his way through the University of Albuquerque, married Jacklyn, and legally adopted his stepson Jeff, who changed his surname from Jorgensen to Bezos. After the wedding the family moved to Houston, Texas, and Miguel became an engineer for Exxon. The young Jeff attended River Oaks Elementary School in Houston from fourth to sixth grade. As a child, he spent summers working his grandfather’s ranch in southern Texas.
Bezos often displayed scientific interests and technological proficiency; he once rigged an electric alarm to keep his younger siblings out of his room. The family moved to Miami, Florida, where he attended Miami Palmetto Senior High School. While in high school, he attended the Student Science Training Program at the University of Florida, receiving a Silver Knight Award in 1982. He was high school valedictorian and was a National Merit Scholar.
Bezos graduated with highest honors and Phi Beta Kappa from Princeton University with a Bachelor of Science in Engineering degree in electrical engineering and computer science.While at Princeton, he was also elected to Tau Beta Pi. He served as the President of the Princeton chapter of the Students for the Exploration and Development of Space.
In 2016, Bezos played a Starfleet official in the movie Star Trek Beyond.
After graduating from Princeton in 1986, Bezos worked on Wall Street in the computer science field.Then he worked on building a network for international trade for a company known as Fitel. He next worked at Bankers Trust. Later on he also worked on Internet-enabled business opportunities at the hedge fund company D. E. Shaw & Co.
Bezos founded Amazon.com in 1994 after making a cross-country drive from New York to Seattle, writing up the Amazon business plan on the way. He initially set up the company in his garage.He had left his “well-paying job” at a New York City hedge fund after learning “about the rapid growth in Internet use,” which coincided with a then-new U.S. Supreme Court ruling holding that mail order companies were not required to collect sales taxes in states where they lack a physical presence.”
Bezos is known for his attention to business details. As described by Portfolio.com, he “is at once a happy-go-lucky mogul and a notorious micromanager. … an executive who wants to know about everything from contract minutiae to how he is quoted in all Amazon press releases.”
On August 15, 2015, The New York Times wrote an article entitled “Inside Amazon: Wrestling Big Ideas in a Bruising Workplace” about Amazon’s business practices. Bezos responded to his employees with a Sunday memo claiming it did not represent the company he leads and challenged its depiction as “a soulless, dystopian workplace where no fun is had and no laughter heard”,and to contact him directly if true.
In May 2016, Bezos sold slightly more than one million shares of his holdings in the company for $671 million, making it the largest amount of money he had ever raised in a sale of his Amazon holdings. On August 4, 2016, he sold 1,000,000 of his shares at a value of $756.7 million. As of September 21, 2016, Bezos owned 80.9 million shares of Amazon stock, being 16.9% of all shares outstanding, with a market value of $62.1 billion.
In 2000, Bezos founded Blue Origin, a human spaceflight startup company, partially as a result of his fascination with space travel, including an early interest in developing “space hotels, amusement parks, colonies and small cities for 2 million or 3 million people orbiting the Earth.” The company was kept secret for a few years; it became publicly known only in 2006 when purchasing a sizable aggregation of land in west Texas for a launch and test facility.In a 2011 interview, Bezos indicated that he founded the space company to help enable “anybody to go into space” and stated that the company was committed to decreasing the cost and increasing the safety of spaceflight. Blue Origin is “one of several start-ups aiming to open up space travel to paying customers. Like Amazon, the company is secretive, but [in September 2011] revealed that it had lost an unmanned prototype vehicle during a short-hop test flight. Although this was a setback, the announcement of the loss revealed for the first time just how far Blue Origin’s team had advanced.” Bezos said that the crash was ‘not the outcome that any of us wanted, but we’re signed up for this to be hard.'” A profile published in 2013 described a 1982 Miami Herald interview he gave after he was named high school class valedictorian. The 18-year-old Bezos “said he wanted to build space hotels, amusement parks and colonies for 2 million or 3 million people who would be in orbit. ‘The whole idea is to preserve the earth’ he told the newspaper …. The goal was to be able to evacuate humans. The planet would become a park.”
In 2013, Bezos reportedly discussed commercial spaceflight opportunities and strategies with Richard Branson, multibillionaire founder of Virgin Group and Chairman of Virgin Galactic.
In 2015, Bezos further discussed the motivation for his spaceflight-related business when he announced a new orbital launch vehicle under development for late-2010s first flight. He indicated that his ambitions in space are not location dependent—Mars, Lunar, asteroidal, etc.—”we want to go everywhere, [requiring significantly lower launch costs.] Our number-one opponent is gravity. … The vision for Blue is pretty simple. We want to see millions of people living and working in space. That’s going to take a long time. I think it’s a worthwhile goal.” In 2016, Bezos opened up the Blue rocket design and manufacturing facility to journalists for the first time, and gave extensive interviews that included an articulation of his vision for space, and for Blue Origin. Bezos sees space as being “chock full of resources” and foresees a “Great Inversion” where there will emerge “space commercialization that stretches out for hundreds of years, leading to an era when millions of people would be living and working in space.” He sees both energy and heavy manufacturing occurring in space, having the effect of reduced pollution on Earth, in effect reducing the probability that something “bad happens to the Earth.”Bezos has said that he is trying to change the fundamental cost structure of accessing space.
On November 23, 2015, Blue Origin’s New Shepard space vehicle successfully flew to space, reaching its planned test altitude of 329,839 feet (100.5 kilometers) before executing a historic vertical landing back at the launch site in West Texas.Blue Origin is currently in an extensive flight test program of New Shepard which expects to begin carrying “test passengers” in 2017 and initiate commercial flights in 2018. Blue is currently building six of the vehicles to support all phases of testing and operations: no-passenger test flights, flights with test passengers, and commercial-passenger weekly operations.
In June 2016, Bezos reiterated his long term goal to see nearly all heavy-industry manufacturing factories in space as part of a wide-ranging, but rare, interview.In September 2016, he added that he hoped to colonize the solar system.
The Washington Post
On August 5, 2013, Bezos announced his purchase of The Washington Post for $250 million in cash. Amazon.com was not to be involved. “This is uncharted terrain,” he told the newspaper, “and it will require experimentation.”Shortly after the announcement of intent to purchase, The Washington Post published a long-form profile of Bezos on August 10, 2013. The sale closed on October 1, 2013, and Bezos’s Nash Holdings LLC took control.
In March 2014, Bezos made his first significant change at The Washington Post and lifted the online paywall for subscribers of a number of U.S. local newspapers including The Dallas Morning News, the Honolulu Star-Advertiser, and the Minneapolis Star-Tribune.Bezos revealed in 2016 that he conducted no due diligence when accepting the first offer from former The Washington Post owner, Donald E. Graham.
Bezos was one of the first investors in Google, investing $750,000 in 1998. That $750,000 investment resulted in 5.3 million shares of Google stock now worth about $4,308,900,000.
Companies that have been funded at least in part by Bezos Expeditions include (this list is incomplete):
- Airbnb – sharing economy
- Aviary – software (photo editing)
- Basecamp – software (project management)
- Behance – self-promotion network
- Blue Origin – space travel
- Business Insider – publishing
- Crowdrise – for-profit charitable giving platform
- Domo – software (business intelligence)
- D-Wave Systems – quantum computing
- Everfi- technology for education
- Finsphere- software (authentication)
- General Assembly – technology education
- General Fusion – sustainable energy (nuclear fusion)
- Glassybaby – supports cancer patients
- Juno Therapeutics – cancer biopharmaceuticals
- Kongregate – online games
- Linden Lab – online games (Second Life)
- Lookout – technology (mobile security)
- MakerBot Industries – 3D printers
- MFG.com – manufacturer direct marketplace
- Nextdoor – localized social networking
- Pelago – online games
- Powerset – natural-language search engine
- Pro.com – home services marketplace
- Qliance – health care
- Rescale – cloud computing simulations
- Rethink Robotics- manufacturing robots
- Sapphire Energy – sustainable energy (crude oil from algae)
- Skytap – cloud computing
- Stack Exchange – technology publishing
- TeachStreet – search engine to find teachers
- Twitter – social networking
- Uber – sharing economy
- Vessel – subscription video service
- Vicarious – artificial intelligence
- Workday – software for business
- ZocDoc – software (healthcare appointments)
In July 2012, Bezos and his wife personally donated $2.5 million to support a same-sex marriage referendum in Washington, which successfully passed.
Non-profit projects funded by Bezos Expeditions include:
- First full-scale prototype Clock of the Long Now, designed to last 10,000 years. – $42 million
- Bezos Center for Innovation at the Seattle Museum of History and Industry – $10 million
- Recovery of two Saturn V first-stage Rocketdyne F-1 engines from the floor of the Atlantic Ocean. They were positively identified as belonging to the Apollo 11 mission’s S-1C stage in July 2013.
- Bezos Center for Neural Circuit Dynamics at Princeton Neuroscience Institute – $15 million
- Bezos Family Foundation, an educational charity
The foundation gave $10 million in 2009 and $20 million in 2010 to the Fred Hutchinson Cancer Research Center. Bezos also donated $800,000 to Worldreader, founded by a former Amazon employee.