The Post-Bezos Amazon
In less than 30 years, Jeff Bezos took a small online book retailer to a tech and e-commerce behemoth worth over $1.6 trillion. This month, the industry legend announced his retirement – at least from the CEO role.
Here’s a closer look at the future of Amazon post-Bezos and the passion projects the world’s second-richest man intends to spend the foreseeable future on.
On Tuesday, Amazon announced that Jeff Bezos is stepping down as CEO later this year. He will continue to serve as executive chairman. Andy Jassy, who currently runs Amazon Web Services (AWS), will step in as CEO.
The transition comes at the height of Amazon’s success as an e-commerce platform. Online shopping penetration has surged across the world during the pandemic. With everyone confined to their homes for months, Amazon’s services plugged a critical gap. By some estimates, Amazon sold more goods during the initial months of the pandemic than during the peak Christmas season the year before.
Jassy’s ascension to chief executive could indicate that Amazon’s future lies in enterprise technology. Amazon’s cloud services are already a market leader and power a significant number of digital platforms, including Netflix, Twitch, Facebook and Airbnb. Jassy has led AWS since its inception in 2003 and could double-down efforts in this sector as CEO.
Jeff’s passion projects
With over $184.6 billion in personal wealth, Jeff Bezos is expected to spend more time and capital on his passion projects. His investments through Bezos Expeditions indicate that his focus could turn to commercial space technology and biotechnology.
The Bezos Expeditions portfolio includes cutting-edge biotech startups such as Sana Biotechnology, Nautilus Biotechnology and Juno Therapeutics.
Meanwhile, Bezos has been committing over $1 billion in Amazon stock every year into Blue Origin, his space technology startup that rivals Elon Musk’s SpaceX.