Jeff bezos

Jeff Bezos is stepping down as Amazon CEO – what’s next for him?

Zintle Nkohla - 05.07.2021

Bezos steps down from the company after 27 years he founded it.

On Monday, Jeff Bezos is handing over the reins to new Amazon CEO, Andy Jassy, 27 years after he founded the company.

Bezos is a very multifaceted figure in the corporate realm, but he is widely known for his multi-national technology company, Amazon, which he is now stepping down from. Amazon has made Bezos very wealthy since he founded it. In 1998, he was listed on Forbes’ list as one of the wealthiest people in the world and has maintained a great track record since.

Jeff Bezos retires 739 489 times richer than average American

According to Forbes, Bezos started the giant e-commerce company in 1994 out of his garage in Seattle. Initially, the online store only sold books, and apparently, he had also wanted to name the store “Cadabra.” After a lot of brainstorming for a name, with his lawyer, Todd Tarbet also lending him an ear, he came with the name “Amazon” because he liked the idea of the company growing to be as big as the notorious river, which it actually did.

By 1999, Amazon became an “everything store” — selling anything from books, entertainment, home goods, toys, and video games. Lab News reports that this was part of Amazon’s growth strategy. Around the time, the e-commerce company had also launched the 1-Click button patent, which according to Lab News was way ahead of SEO.

In February, Amazon announced that Bezos would retire to assume the position of an executive chairman for the company. According to reports, he is walking away with an estimated $197 billion (over R2 trillion) — which 739 489 richer than the average American at age 65. This median worth as cited from the Federal Reserve is $266,400 (R3 794 841,36).

What is next for the tech pioneer?

Besides being an owner of such a notorious e-commerce business, several other businesses contribute to his wealth. In 2013, Bezos’ Nash Holdings bought The Washington Post, one of the biggest publications in the world, for $250 million (over R3 billion).

Another one of his notable successes is Blue Origin, an aerospace company he started in 2000. Bezos will be flying on the first crewed flight of the New Shepard, the rocket ship made by his space company. The flight is set for 20 July 2021, just a few days after his retirement from Amazon.

The billionaire also owns Zappos, Elemental Tech, Souq.com, Whole Foods, IMDb, Audible, Good Reads, and many more companies.