2024-07-05 19:00:17
New Delhi: Jeff Bezos started Amazon from his garage in Washington on this day in 1994. Initially, Amazon sold only books. But, gradually it started including many other products including electronics, software, household goods, toys, jewelry and grocery items. Today Amazon has become the world’s largest online retailer. Its annual revenue is in hundreds of billions of dollars. It was 1994. Then Jeff Bezos used to be the Senior Vice President at DE Shaw & Co. He decided to start a business selling books online. He started it from his garage in Seattle, Washington on July 5 that year. In 1995, he changed the name of the company to Amazon.com. It became the first major online retailer to sell more than a million dollars.
It has become the most valuable company in the world
In 1997, Amazon issued its first public stock. It grew rapidly during the technology bubble and became one of the world’s most valuable companies. Then in 1998, the company began expanding internationally. The company launched websites in Britain and Germany. In 2002, Amazon Web Services (AWS) was launched, which is a cloud computing service provider. It became a pioneer in the cloud computing industry.
In 2017, Amazon acquired grocery store Whole Foods Market. It became a major force in the grocery industry.
In 2019 Jeff Bezos resigned as CEO and became executive chairman. Andy Jassy was appointed the new CEO.
Today Amazon is the world’s largest online retailer. Its annual revenue is in the hundreds of billions of dollars. It is a major player in many industries, including e-commerce, cloud computing, artificial intelligence, and digital advertising. It employs millions of people.
Jeff Bezos’ career graph also kept rising with Amazon. He joined the race of the richest persons in the world. His net worth is $252 billion. Bezos’ net worth mainly comes from his stake in Amazon, of which he is the founder and former CEO.
Some important milestones in the history of Amazon
1994: Jeff Bezos founded in Seattle, Washington.
1995: The company is renamed Amazon.com.
1997: Amazon issues its first public stock.
2002: Amazon launches Amazon Web Services (AWS), a provider of cloud computing services.
2005: Amazon launches video streaming service Amazon Prime Video.
2017: Amazon acquires grocery store Whole Foods Market.
2019: Jeff Bezos resigns as CEO and becomes executive chairman.