Economy News Shares

Jeff Bezos is stepping down as Amazon’s CEO after 27 years


Jeff Bezos has embarked on a new chapter in his career and will hand over his management of Amazon to Andy Jassy. The billionaire will now devote himself to other projects, starting with his trip to space on July 20.


Andy Jassy, who currently leads Amazon Web Services (AWS), will become the new CEO of Amazon on the 4th (local time), American Independence Day.

Amazon founder Jeff Bezos will take part in the first commercial space flight of Blue Origin, the company he founded.

According to the Bloomberg Billionaires Index ranking, Bezos’ net worth is about $20 billion, which is $17 billion more than Tesla’s CEO Elon Musk. He has seen his wealth grow by $19 billion since joining the U.S. wealthiest list in 1998, and it has grown by 73% so far in 2019.

In retirement, Amazon founder Jeff Bezos has 739,489 times the median wealth of an American worker.

Amazon, which started out as an online bookstore in a small house in Bellevue, Washington, USA in 1994, now has a market capitalization of $1.748 trillion, second only to Apple, Microsoft, and Saudi oil company Aramco.

AWS is so profitable that it has become the number one source of profits for Amazon, ahead of e-commerce. Appreciated internally, the new CEO will have to ensure the continuity of Amazon’s success. A success increasingly threatened by antitrust offensives in the United States and Europe. After seeing its business soar during the pandemic, the company is also facing a lot of criticism from employee advocates or regulators.

As USA Today reported, in 2007 Bezos paid no federal taxes and paid very little income tax.

While his net worth is about about $18 billion, he claims to have received a tax refund of $4,000 in 2011 because of his children without paying federal taxes.

He will retain a key role in the company: that of executive chairman of its board of directors, in order to focus on innovation. He should also spend more time on other projects, as the billionaire has no shortage of ambitions.

The businessman also owns the Washington Post newspaper and has said he wants to devote time and money to the fight against climate change.

For MetaNews.


Jonathan Hobbs

Jonathan Hobbs is an Australian investor and author that trades on a variety of asset classes, including currencies, equities, and commodities. Jonathan’s experience as a macro trader leverages his unique writing style to combine important elements, such as technical analysis and news. The other elements that he brings into his unique writing styles are foundation analysis aimed at rational equilibrium values, evaluating the sizes and motivations of buyers and sellers, as well as identifying the needs of the buyers and sellers in the individual markets. Jonathan is committed to quality writing for new traders as well as veterans.

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