On Sunday, Jeff Bezos will officially resign as Amazon CEO. Photo by Alex Wong/Getty ImagesToday marks Jeff Bezos' last day as Amazon CEO. This is the end of a 27-year-long run that saw Amazon become one of the most valued public companies worldwide, with a market cap of $1.8 trillion. His fortune has grown by 12,425% and increased by $196 Billion since 1998 when he was listed on The Forbes 400 List of the 400 Richest Americans with a net worth $1.6 billion. He is now worth almost $202 billion and is the richest person in the world.Bezos will continue to serve as Amazon's executive chairman. However, Amazon Web Services chief Andy Jassy joined the e-retailer as its CEO in 1997. Bezos will not be as involved in the company that he started in 1994. Instead, he will focus on other interests such as his charities, the Bezos Day One Fund, and the Bezos Earth Fund, as well as Blue Origin, his commercial space company which will take him and Mark into space on July 20,In 1998, Bezos became the first billionaire after Amazon went public. The company was just beginning to offer CDs for purchase online, and it was just starting to expand beyond books. Amazon's average share price that year was $7.47. This is a fraction of today's $3,487.40 shares.Amazons business expanded into other industries over the next 20 years. Amazon launched its famous Prime membership service in 2005. Customers who paid a $79 annual fee received two-day delivery for no additional charge. Amazon Prime costs $119 per year. Amazon Web Services was established in 2006 as its cloud computing unit. It is the company's most profitable division. It started streaming video in 2011, and it acquired Whole Foods in 2017. In 2018, it also purchased Ring for home security. Additionally, in May, Amazon bid for MGM studios to expand its film production.Amazons size and increasing influence have drawn criticism from all sides of the political spectrum. The company is under investigation by antitrust regulators. Labor activists are trying to unionize Amazons vast network of warehouses. Progressive lawmakers have publicly criticised Bezos' massive wealth, while conservatives decried Amazons decision to delete a book about transgender issues earlier this year. Amazon stated that it does not sell books that portray LGBTQ identities as mental illness.Despite recent antitrust concerns and hurdles, Amazons stock price continued its upward trajectory, rewarding its founder with an ever increasing fortune. Bezos rose to the top of the wealthiest people in the world in 2018, with his net worth increasing by more than twice, from $81.5 billion in October 2017, to $160 billion the next October. This was due to Amazon's rising stock price. He was able to surpass Warren Buffett, Bill Gates and Mark Zuckerberg by accumulating a 12-figure fortune in Forbes' annual list of America's 400 richest Americans. He has remained at the top of the list ever since, especially as Amazon shares rose to new heights due to the pandemic. In January 2019, Elon Musk briefly overtook Bezos to become the world's richest person. Bernard Arnault, the French chief of LVMH, did the same in May. However, the surge in Amazon stock saw him regain his position. Bezos' fortune has increased 73% since 2019, despite the fact that he gave one quarter of his Amazon stock to MacKenzie Scott, his ex-wife, when they split.Forbes estimates that nearly 90% of his $176 billion dollars ($176 billion) is in Amazon's 10% stake. Rest is split between Blue Origin's investment in rocket company Blue Origin and various other homes across the country. There are also investments in at least two dozen biotech and tech companies. Bezos sold Amazon stock worth nearly $27 billion (before taxes) over the years. This has left him with billions to spend however he pleases. It will be interesting to see how he spends it.
