He stepped down as Amazon CEO

Bezos announced that he would step down as CEO starting July 5, 2021, and transition to the role of executive chair, where he will be focusing on "new products and early initiatives." He was replaced by Andy Jassy. In an email to Amazon employees, the billionaire reflected: "Invention is the root of our success. We've done crazy things together, and then made them normal ... If you get it right, a few years after a surprising invention, the new thing has become normal. People yawn. And that yawn is the greatest compliment an inventor can receive ... Keep inventing, and don't despair when at first the idea looks crazy. Remember to wander. Let curiosity be your compass. It remains Day 1."

Amazon history

He wasn't the first person to have this idea but he did stand out for one reason: he promised to deliver any book, to any customer, anywhere.

Amazon criticism

Bezos has been widely criticized for avoiding corporate tax in the US. He is exempt by US laws because he reinvests enough of his profits into company operations.

The worth of billions

Jeff Bezos is currently worth over US$113 billion. That's obviously a lot of money, but it can be hard to wrap your head around that number. Let's take a look about some facts that may help to visualize his extraordinary wealth.

Facts

As of mid-2020, his estimated yearly earnings were US$78.5 billion. That's $6.5 billion per month!

Even further? US$8.59 million per hour.

Let's take this to the end of the line: US$2,489 per second.

He was at one point worth more than the entire GDP of Morocco!

Until recently, he was also worth more than the GDP of Iceland, Luxembourg, and Cyprus combined.

He is wealthier than the British royal family (they are worth approximately US$28 billion).

In 2020, the average US worker earned US$876 per week. Jeff Bezos made more than double that in a single second.

It's estimated that the average American man with a bachelor's degree will earn about US$2.2 million in his lifetime. Jeff Bezos makes that in about 15 minutes.

The future

However, many believe he intends to use most of his money to further his astronautical endeavors. He is already selling US$1 billion worth of Amazon stock per year to invest in his space exploration company called Blue Origin.