How much did you earn this week? On Wednesday Jeff Bezos, Amazon founder and CEO released the annual shareholders letter, claiming Amazon’s Prime subscription has now amassed more than 100 million members globally. This news sent his personal net worth skyrocketing by $7.7 billion USD in the past week, settling at $126.2 billion at the close of trading Friday according to Forbes’ Real-Time rankings of the world’s billionaires.
Jeff Bezos is the only centibillionaire in the world and has a 16% ownership stake in Amazon, representative of about 95% of his estimated wealth. Amazon’s share price rose 5.7% due to the positive news to shareholders, noting that Amazon has now shipped more than 5 billion items to Prime members, with the top selling items including the Echo smart speakers in the tens of millions.
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Jeff Bezos also described the company’s goal of continuing to perform ever better.
“We didn’t ascend from our hunter-gatherer days by being satisfied. People have a voracious appetite for a better way, and yesterday’s ‘wow’ quickly becomes today’s ‘ordinary’,” he wrote, starting off the letter by noting that Amazon has been ranked number one on the American Customer Satisfaction Index for the past eight years. “How do you stay ahead of ever-rising customer expectations? There’s no single way to do it – it’s a combination of many things. But high standards (widely deployed and at all levels of detail) are certainly a big part of it.”
Jeff Bezos originally founded Amazon as an online bookstore in his garage after quitting his NYC hedge fund job in 1994. Only three years later, Amazon went public in 1997 at $18 a share, with Bezos being inducted into the Forbes 400 rich list in 2019.
Jeff Bezos has come a long way since 1994, when he founded Amazon as an e-commerce bookstore in his garage after quitting his job at a New York hedge fund. In 1997 Amazon went public at $18 a share, and the following year Bezos joined The Forbes 400 list of the richest Americans and expanded Amazon’s offerings beyond books. Since then, the e-commerce juggernaut has expended into almost every market globally and has recently acquired grocery supermarket chain Whole Foods. For the first time, Bezos became the richest person in the world according Forbes’ annual Billionaires List with Amazon revenue clocking over at $177 billion USD.