Amazon’s stock prices reached a new all-time high in April 2024, marking the first such peak since July 2021 and boosting billionaire Jeff Bezos’s wealth by $3.3 billion, according to Forbes. On Thursday, the share price of the e-commerce giant rose by 2% to $190 per share.
The surge brings Amazon’s market capitalization within striking distance of the $2 trillion mark, now standing less than 2% away.
Investor sentiment has been bolstered by advancements in artificial intelligence (AI), particularly within Amazon’s AI-focused AWS division, which analysts expect will be a significant driver of the company’s future growth.
Following Bezos’s retirement as Amazon CEO, Andy Jassy assumed leadership. During the initial phase of Jassy’s tenure from mid-2021 to the end of 2022, Amazon’s stock prices experienced a decline of up to 60%.
Jeff Bezos, now 60, serves as the executive chairman of Amazon’s board and remains its largest shareholder. The recent rise in stock prices has increased his net worth by $3.3 billion, bringing it to $210 billion.
He currently ranks as the world’s second-richest individual, trailing only Bernard Arnault, CEO of LVMH.
Jeff Bezos is engaged to Lauren Sánchez, a 54-year-old journalist and philanthropist. The couple resides in Indian Creek Island, Florida, where Jeff Bezos recently acquired a new $90 million six-bedroom mansion.
History of Amazon
Amazon, founded by Jeff Bezos in July 1994, started as an online bookstore based out of Bezos’s garage in Bellevue, Washington. Bezos, a former hedge fund executive, recognized the potential of e-commerce and aimed to create a customer-centric online shopping experience.
In July 1995, Amazon.com was officially launched to the public, offering a wide selection of books at competitive prices. The company quickly expanded its offerings beyond books to include music, movies, electronics, and more.
By the late 1990s, Amazon had become one of the largest online retailers in the world, known for its innovative approach to customer service, efficient logistics, and vast product selection. The company went public in May 1997, with an initial public offering (IPO) price of $18 per share.
Throughout the early 2000s, Amazon continued to diversify its product offerings and services, introducing Amazon Prime in 2005—a subscription service offering fast shipping and other benefits. This move helped solidify Amazon’s position as a leader in e-commerce.
Amazon further expanded its business by venturing into cloud computing with the launch of Amazon Web Services (AWS) in 2006. AWS quickly became a dominant player in the cloud services market, providing infrastructure and computing resources to businesses worldwide.
In addition to its retail and cloud services, Amazon entered the hardware market with the introduction of Kindle e-readers in 2007, followed by other devices like the Kindle Fire tablet and Amazon Echo smart speaker.
Over the years, Amazon has pursued strategic acquisitions and partnerships to strengthen its market position and expand into new industries. Notable acquisitions include Whole Foods Market in 2017, marking Amazon’s entry into the grocery sector.
Today, Amazon has grown into one of the world’s largest and most influential companies, offering a diverse range of products and services, including e-commerce, cloud computing, digital streaming, artificial intelligence (AI), and more. Jeff Bezos’s vision of building a customer-focused, technology-driven company has transformed Amazon into a global powerhouse shaping the future of retail and technology.
