Jeff Bezos will officially retire on Monday, July 5, and he’ll be taking $197 billion (USD) to cover his pension.
Amazon had an incredibly profitable year in 2020 as people increasingly turned to online retailers during the global pandemic. As a result, Bezos, the founder and CEO of the company, saw his personal wealth skyrocket, growing by more than $75 billion (USD).
The world’s richest person now intends to retire on a special day. On July 5, 1994, Bezos launched Amazon as an online bookstore and he will retire on the 27th anniversary of this date.
The fortunes of the company and its creator drastically improved over years, best evidenced by the fact Bezos is going into space days after he retires.
In terms of wealth, Bezos will retire with twice as much as money the entire British royal family, who have roughly $88 billion as of 2017. Furthermore, Insider has reported that his fortune is 739,489 times the median net worth of an American at the age of 65. Additionally, the billionaire will have more money than some GDPs of entire countries as he steps down from Amazon.
Amazon will continue once Bezos takes his leave. Andy Jassy, the current CEO of Amazon Web Services, will take over as the CEO of the entire company. While this will undoubtedly be a profitable endeavour, the company still faces challenges.
Most notably, many employees at Amazon have reportedly had to live on food stamps and work in poor conditions while the company as a whole profits. This has led to calls for radical change within the retail company.
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