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Amazon CEO Jeff Bezos Becomes World's Third Richest Person (bbc.com) 67

An anonymous reader quotes a report from BBC: Strong earnings from Amazon and a boost to the company's stock have made its founder, Jeff Bezos, the world's third richest person, according to Forbes. Mr Bezos owns 18% of Amazon's shares, which rose 2% in trading on Thursday. Forbes estimated his fortune to be $65.3 billion (49.5 billion British Pound). Amazon's revenue beat analysts' expectations, climbing 31% from last year to $30.4 billion in the second quarter. Profit for the e-commerce giant was $857 million, compared with $92 million in 2015. According to Forbes estimates, Mr Bezos's fortune is only surpassed by Microsoft founder Bill Gates, worth $78 billion (59 billion British Pound), and the $73.1 billion (55 billion British Pound) fortune of Zara founder Amancio Ortega. Amazon had developed a reputation for announcing little or no profit each quarter, but appeared to hit a turning point last year and has seen improving earnings since. Amazon shares have spiked 50% since February. BBC's report includes some bullet points about Bezos. He was born in Albuquerque, New Mexico, in 1964. He studied at Princeton University and worked on Wall Street. In 1994, he launched Amazon as an online book retailer. A lifelong Star Trek fan, Bezos launched Blue Origin spaceflight and aerospace firm in 2000, and more than a decade later, he purchased The Washington Post newspaper in 2013.
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Amazon CEO Jeff Bezos Becomes World's Third Richest Person

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  • by Anonymous Coward

    When you're worth that much why not just cash out, what's the point of earning more. I can't understand why anyone would be doing anything other than coke and hookers after 1b

    • by wyHunter ( 4241347 ) on Friday July 29, 2016 @05:26PM (#52609301)
      Because he doesn't want money, he wants power,to set public policy.
    • When you're worth that much why not just cash out, what's the point of earning more. I can't understand why anyone would be doing anything other than coke and hookers after 1b

      People spend their money doing things they like.

      He apparently likes running Amazon.

    • Because the sort of person who would quit working after they got enough money, wouldn't continue past even one million.

    • At some point the question you ask yourself changes from "How much more money do I need?" into "What if the guy putting at the next hole has more cash than I do?"
  • According to a Washington Post article from yesterday, he is also the most physically and sexually attractive of all of the "10 richest people" of the last 50 years.

  • Asshole (Score:3, Informative)

    by DaMattster ( 977781 ) on Friday July 29, 2016 @06:21PM (#52609513)
    He didn't accumulate that mass of wealth by being a good and decent human being. Look at the way his company treats its rank and file employees. I don't care how much money he has, Jeff Bezos has absolutely nothing redeeming about him
    • He didn't accumulate that mass of wealth by being a good and decent human being. Look at the way his company treats its rank and file employees. I don't care how much money he has, Jeff Bezos has absolutely nothing redeeming about him

      Amazon is a retailer, a traditionally low margin industry. For the same reason you don't expect clean athletes you don't expect kind and generous CEOs in low margin industries.

      • by Anonymous Coward

        a traditionally low margin industry.

        How exactly is Amazon making low margins? They must have an order of magnitude less expenses than the typical brick-and-mortar retailer. Instead of expensive real estate for a shop, they have cheap warehouses (which they probably own, so no rent). Instead of salespeople, they have a website doing the selling (and the website costs millions of times less than hiring humans to do the selling). They reinvest all their profits into expanding into new markets: first books -

        • How exactly is Amazon making low margins?

          Amazon is a public company. They are required to publish their financial statements. Their margins are public information, and are very low. Amazon has pursued a strategy of low prices and low margins in order to build market share. That strategy seems to be working well, leading to a high stock price.

  • by KermodeBear ( 738243 ) on Friday July 29, 2016 @11:19PM (#52610553) Homepage

    When Amazon was just starting out, I thought, "Why would someone want to buy books online? It's so much better to go to a book store, you can see the books, thumb through them, see what you're getting before you put any money down, etc."

    When YouTube launched I thought, "Who the hell wants to watch stupid cat videos?"

    When Twitter launched I thought, "140 characters? That'll never take off..."

    I'm reeeeeeally bad at predicting things, obviously... (o:

  • Seems to me there must be a sum of money upon which you could live comfortably for the rest of your life. Around 8 or 10 million, you could probably make more on interest and investment income than most Americans do, and why go for more after that? But I suppose that's why he's a billionaire and I'm not. I'm pretty happy just doing what I'm doing. I wonder if he is. As Sarah Silverman says, all the penises in the world won't fill the hole in your heart. [youtube.com]
    • The summary mentions Bezos is a Trekkie. He wants his own space program. Those are not cheap. Pretty much all the people doing that (Musk, Allen, Bezos, Branson, Bigelow, Henri of Luxembourg, and the investors in Planetary Resources) are billionaires.

    • by neminem ( 561346 )

      There's "comfortably", and then there's "in style". I'm a big fan of the subreddit /r/financialindependence, which is about retiring early, and it's actually surprisingly (semi)-easy - your estimates are way too high. With really just a couple million, you could live off that pretty indefinitely if you did it smart. But while there's certainly diminishing returns after that, I'd say it tapers off pretty slowly - while being able to retire early at all is the biggest thing, I could easily increase my enjoyme

  • Larry Ellison, whose biggest goal is to have more money than god, decides to raise the price of all Oracle products. Rumors of Mr. Ellison grumbling "gotta catch up with Bezos" through the hallways of Oracle have been spreading.

    /snark

"And remember: Evil will always prevail, because Good is dumb." -- Spaceballs

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