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He stepped down as Amazon CEO -

Bezos announced that he would step down as CEO starting July 5, 2021, and transition to the role of executive chair, where he will be focusing on "new products and early initiatives." He was replaced by Andy Jassy. In an email to Amazon employees, the billionaire reflected: "Invention is the root of our success. We've done crazy things together, and then made them normal ... If you get it right, a few years after a surprising invention, the new thing has become normal. People yawn. And that yawn is the greatest compliment an inventor can receive ... Keep inventing, and don't despair when at first the idea looks crazy. Remember to wander. Let curiosity be your compass. It remains Day 1."

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Amazon history -

When Bezos first founded Amazon in 1994, the company was an online bookstore. 

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Amazon history -

He wasn't the first person to have this idea but he did stand out for one reason: he promised to deliver any book, to any customer, anywhere. 

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Amazon history - In 1995 his parents invested approximately US$250,000 into Amazon. By 1997 the company turned over $148 million, and by 1998 it was $610 million.

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Amazon criticism -

Bezos has been widely criticized for avoiding corporate tax in the US. He is exempt by US laws because he reinvests enough of his profits into company operations. 

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Amazon criticism - Many believe billionaires at his level should be paying much higher taxes. This has been a particularly touchy subject in recent years due to increasing accusations about unsafe and grueling working conditions for underpaid Amazon staff.

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The worth of billions -

Jeff Bezos is currently worth over US$113 billion. That's obviously a lot of money, but it can be hard to wrap your head around that number. Let's take a look about some facts that may help to visualize his extraordinary wealth.

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Facts -

Technically, from 1998 to 2021, Bezos earned a base salary of US$88,840 However, most of his wealth comes from his Amazon shares.

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Facts -

As of mid-2020, his estimated yearly earnings were US$78.5 billion. That's $6.5 billion per month!

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Facts -

Breaking that down even further, that means US$1.5 billion per week. 

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Facts -

Even further? US$8.59 million per hour. 

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Facts -

Let's take this to the end of the line: US$2,489 per second. 

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Facts - He was at one point worth more than the entire GDP of Morocco!

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Facts - Until recently, he was also worth more than the GDP of Iceland, Luxembourg, and Cyprus combined.

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Facts -

He is wealthier than the British royal family (they are worth approximately US$88 billion).

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Facts -

Bezos invested US$1 million into Google in 1998, so his wealth has clearly not just come through Amazon.

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Facts - In 2020, the average US worker earned US$876 per week. Jeff Bezos made more than double that in a single second.

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Facts -

In 2018, many Amazon employees worked for just US$15 per hour (average starting pay has since increased to $18/h). Even if they worked 24 hours a day for their entire working lives, they would not earn what Jeff Bezos makes in an hour.

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Facts -

It's estimated that the average American man with a bachelor's degree will earn about US$2.2 million in his lifetime. Jeff Bezos makes that in about 15 minutes. 

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Facts -

Bezos got divorced in 2019 and signed over a large chunk of his Amazon stocks to his ex-wife, worth approximately US$38.7 billion. Even after that, he remained the richest man in the world. 

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Facts -

He lost more money in 2019 than any other billionaire in the world, and still stayed in the number one spot.

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Facts -

Amazon was one of the few companies to benefit from the COVID-19 pandemic. They made US$75.5 billion in Q1 of 2020, an increase of 26% compared to 2019. 

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Facts -

USA Today reported that Jeff Bezos has the wealth of 2.3 million average US citizens, or 19 million average Chinese citizens. This figure is accurate as of December 2019.

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Facts -

The US$250,000 that his parents invested in 1995 would now make them worth around $30 billion on that investment alone.

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Facts -

Amazon has acquired many other large companies over the years. They bought Twitch for US$970 million, Zappos for $1.2 billion, and Whole Foods Market for $13.7 billion.

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The future -

There were projections that Jeff Bezos would become the first trillionaire in human history by 2026. Now Elon Musk looks set to become the first trillionaire, but Bezos is expected to get there in 2030. Not bad!

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The future -

Many of the other richest men in the world such as Mark Zuckerberg, Bill Gates, and Warren Buffet have pledged to give away most of their wealth within their lifetimes. What does Jeff Bezos plan to do? 

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The future -

In February of 2020 he announced the creation of the Bezos Earth Fund, a new charitable organization that will aid the fight against climate change. He has pledged US$10 billion.

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The future -

However, many believe he intends to use most of his money to further his astronautical endeavors. He is already selling US$1 billion worth of Amazon stock per year to invest in his space exploration company called Blue Origin.

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See also - To find out which billionaires have given the biggest charitable donations of all time, follow this link.

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