Tag Archive | "Bezos"

How Amazon Founder Jeff Bezos Creates ‘Closed Ecosystems’ To Dominate Markets (And You Can Too)

A few years ago I read the Amazon/Jeff Bezos bio – The Everything Store: Jeff Bezos and the Age of Amazon. In the book, the author highlighted how much Bezos was impacted by Jim Collin’s book ‘Good To Great‘, and in particular the concept of the ‘Flywheel Effect’ and the Virtuous…

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Entrepreneurs-Journey.com by Yaro Starak

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Amazon CEO Jeff Bezos Became World’s Richest Man for One Day

Move over Bill Gates. Someone finally managed to topple the Microsoft founder from his number one spot on the world’s richest list; a spot that he has occupied since 2013.

Jeff Bezos, the founder of online retail giant Amazon, briefly became the world’s richest man last Thursday after his net worth surged by an astounding $ 2.5 billion. Before the company released its earnings report, Amazon shares rose to an intraday high of $ 1,083.31 which translates to Bezos’ net worth escalating to an unprecedented $ 92.3 billion, according to Bloomberg. This amount overtook Bill Gates’ net worth, computed to be $ 90.8 billion as of Wednesday.

However, Amazon was not able to sustain Thursday morning’s rally. By the end of the day, its shares fell by 0.7 percent, eventually settling to $ 1,046 per share, as reported by the Seattle Times. Thus, Bezos has settled to the number two spot on the list while Gates reclaimed the number one spot that he has held since May of 2013.

The price of Amazon’s shares has been steadily rising in recent years, eventually moving past the $ 1,000 per share mark. Jeff Bezos, who is also the CEO and Chairman of the Seattle-based behemoth, owns a substantial 17 percent of Amazon and has greatly benefited from the meteoric rise of its shares.

Amazon shares rose by a whopping 40 percent since the start of 2017, adding an enormous $ 24.5 billion to Bezo’s fortune. The increase helped him dislodge famed investor Warren Buffet of Berkshire Hathaway from the number two spot.

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