Jeff Bezos is stepping down from his position as chief executive of Amazon. The company said Tuesday afternoon that Bezos “will transition to the role of Executive Chair in the third quarter of 2021 and Andy Jassy will become Chief Executive Officer at that time.”
“Amazon is what it is because of invention. We do crazy things together and then make them normal,” Bezos sound in the company’s announcement.
“If you do it right, a few years after a surprising invention, the new thing has become normal. People yawn. That yawn is the greatest compliment an inventor can receive. When you look at our financial results, what you’re actually seeing are the long-run cumulative results of invention. Right now I see Amazon at its most inventive ever, making it an optimal time for this transition.”
Bezos founded Amazon in 1994 as an online bookseller. The company went public in 1997 at $18 a share with a market capitalization of $438 million. On the first day of trading, shares climbed as high as $30 and closed at $23.50. Last year, the company’s market cap passed $1 trillion for the first time and it is now worth $1.7 trillion. Ten thousand dollars invested in the company in 1997 would be worth around $16.8 million today. Read more at Breitbart…
Amazon Web Services (AWS) boss Andy Jassy — who is ultimately responsible for blacking Parler — will take over as the CEO of Amazon when Jeff Bezos steps down from the role. Jassy will become the new CEO of Amazon later this year. The incoming CEO is currently the head of AWS, which banned Parler from the internet last month under the guise of having concern for the public’s safety.
AWS booted Parler offline earlier this year, claiming that users on the social media platform might “incite violence,” a narrative being used by several big tech companies to justify taking action against political dissenters, including former President Donald Trump and his allies.
Parler reacted by filing an antitrust lawsuit against Amazon, alleging that the tech giant kicked the social media platform off its web hosting service, not out of concern for the public safety, but rather due to being “motivated by political animus.” Read more at Breitbart…