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Jeff Bezos to step down as Amazon CEO today

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Jeff Bezos

On Monday, Jeff Bezos, the American business entrepreneur and founder and CEO of Amazon, one of the world’s greatest technical companies, will stand down from his post as CEO. Andy Jassy, the current CEO of Amazon Web Services, will take over as the new CEO.

However, Bezos, who is 57 years old, will continue to play a key role as the company’s executive chairman. He will not be involved in day-to-day operations and will devote more attention to other ventures, including his aerospace firm Blue Origin.

Amazon began as an online bookstore in a garage 27 years ago, when Bezos packaged orders himself and transported them to post offices. He is now the world’s richest person. He gradually and consistently grew the company’s business in areas such as e-commerce, artificial intelligence, cloud computing, and digital streaming, among many others. Amazon has a market value of nearly $1.7 trillion, making it the most valuable brand on the planet.

According to a report, Since 1998, when his name was initially listed on the magazine’s list of the wealthiest Americans, Jeff Bezos’ fortune has grown by $196 billion. On the other hand, according to a storey published on Sunday by usatoday.com, Bezos’ fortune has climbed by 73% since 2019. Ninety per cent of his fortune is in Amazon, with the rest in his various ventures such as Blue Origin and the American newspaper Washington Post.

Bezos also pays a lower rate of income tax, according to the report. The report referenced ProPublica, a New York City-based non-profit that looked at data from the Internal Revenue Service of some of the wealthiest Americans, to explain this.

According to the data, Bezos did not pay any federal taxes in 2007, despite the fact that he was already a millionaire. In 2011, when his net worth was $18 billion, he also did not pay federal taxes and received a $4,000 tax credit for his children, according to the statistics.

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