American cloud computing and e-commerce company, Amazon is the largest online retailer in the entire world in terms of revenue. It is based in Seattle, Washington and founded on July 5, 1994, by Jeff Bezos. Billion dollars net worth of founder Jeff Bezos puts him in the top list of world’s richest people.
Amazon has different markets from which their business is coming from and segregated themselves in different domains like AmazonBasics, Prime, Amazon video and much more. Now let’s have a close look at Amazon’s net worth in 2020.
Before starting out the venture of Amazon, Founder Jeff Bezos was the Vice President of D.E. Shaw & Co., a Wall Street firm. After leaving his employment, Jeff continued working on the business plan of Amazon and finally, on July 5, 1994, he founded the company but with a name of Cadabra and domain of relentless.com. Name and domain, both got changed after some time. However, the domain still redirects to the original website.
After a year, the online website was live as Amazon.com. Amazon is actually a place which founder thinks is exotic and very different and so his business name should be different as well. Another factor is the initial letter which he wanted to be an ‘A,’ so it comes out on top alphabetically. His notations about his business model are that it is very basic and simple which eventually is drawing extraordinary results for him.
Amazon started out in the market as an online bookstore because of a great demand for low price books. The first book that sold out was “Douglas Hofstadter’s Fluid Concepts and Creative Analogies.”
Amazon faced a powerful claim that came from Barnes & Noble about Amazon stating itself as largest bookstore which is, in fact, a book broker. Tiff was sorted out between the two and Amazon still has the same tagline for bookstore service. Another news that hit in 1998 was that Walmart’s former employee hired by Amazon puked trade secrets. It is again settled in court following some restrictions in the recruitment policies of Amazon.
Though the idea behind choosing the name is the ‘A’ alphabet, however, the logo of the site has A and arrow which indicates ‘A to Z’ with a smile.
Initially, the company had slow growth for which investors demanded a justification, and within a span of another 3 years, company profits broke all records. By the end of 2016, the company had 180,000 employees excluding part-time positions. Amazon builds up a second headquarter of $5 billion.
Amazon has approx. 20 subsidiaries including Kiva systems(Amazon robots), Goodreads, TeachStreet, Zappos, Diapers.com and much more.
Currently, Amazon has 16 products and web services and is investing in India to open a grocery store that has an objective of customer satisfaction.
The traffic that website of the company receives every month is more than 600 million, and this leads to the investment on the servers especially during the festive season and special occasions.
Amazon has a sales revenue model which allows companies to advertise their products.
Despite all the good things, the company has received lots of criticism especially when it comes to employment. They have been tagged as bad employers because of poor working conditions and torture that employees got through during the employment. Scanners were put in the workspace to get all the real-time data of a specific employee and shared with line managers. In case of minor disputes also, results were always bad for employees only no matter what the real case is. These are all scenarios being told by the former employees of Amazon.
Awards & Achievement
Amazon sponsors a contest of “Amazon Breakthrough Novel Award” to promote a manuscript by some author (unpublished). It has 5 rounds starting from 1000 entries that are narrowed down to 50, and final round selects one.
Net Worth of Amazon
Amazon’s revenue grows by 27% in the year 2016 defeating Walmart which has just 3.2%. Founder Jeff Bezos has a net worth of $105 Billion that includes 17% of Amazon.
Amazon had a major impact on the market in the year 2017 and spread its business all over the world. It is seen that the company always starts out slow with a basic model and suddenly grows up.