Jeff Bezos, the world’s richest man and the founder of Amazon.com, has stepped down as CEO after 27 years in charge of the company. Bezos will now serve as executive chairman of Amazon and will remain the company’s largest shareholder.
Few employees, however, believe Bezos will relinquish power over the “important choices” – especially because he remains the company’s largest shareholder and will also serve as executive chairman of the $1.7 trillion board of directors, according to the Guardian.
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. According to the news agency AFP, Amazon, which is generally regarded as the most valuable brand on the planet, has a market value of over $1.7 trillion.
According to Forbes magazine, Jeff Bezos’ fortune has increased by $196 billion from his initial appearance on the magazine’s list of the wealthiest Americans in 1998. On the other hand, according to a story published on Sunday by usatoday.com, Bezos’ fortune has climbed by 73% since 2019. According to the story, Amazon accounts for 90% of his fortune, with the remaining 10% invested in Blue Origin and the American daily Washington Post.
The report also pointed out that Bezos pays a lesser amount of income tax. To explain this, the report cited New York City-based non-profit organization ProPublica, which examined data from the Internal Revenue Service of some of the richest Americans.
The data said that Bezos did not pay any federal tax in 2007 when he was already a billionaire. He also did not pay federal tax in 2011, when his net worth was $18 billion, and also got a tax credit for his children worth $4,000, the data added.