Jeff Bezos Of Amazon Becomes The Richest Man In History

53 year-old founder of Amazon, Jeff Bezos is now the richest person in the world surpassing Bill Gates to become the richest man in history.

According to Bloomberg Billionaires Index, Bezos made $6.1 billion in just five trading days in 2018 and is now worth $105 billion.

His net worth reached $105.1 billion on Monday eclipsing the record previously held by Microsoft founder Bill Gates. A rise in Amazon’s share price made the New Mexico-born businessman richer by $1.4 billion on Monday, reports said. This means that in five days, he earned more than most Americans would in 5 lifetimes.

The rise in Bezos’ fortune makes him worth more than Microsoft founder Bill Gates was ever worth, Bloomberg reports. The net worth of Bezos continues to grow as shares of the online retail giant jumped 56% in 2017 and are up another 6.6% so far in 2018. Amazon continues to dominate online spending and has said that Cyber Monday 2017 was the biggest shopping day in its history.

 

Amazon Working On Smart Glasses

Amazon.com Inc is working on its first wearable device – a pair of ‘smart glasses’, the Financial Times reported on Wednesday.

The device, designed like a regular pair of spectacles, will allow Amazon’s digital assistant Alexa to be summoned anytime at all places, the report said, citing plan’s familiar sources.

There would be a bone-conduction audio system in the device to allow the wearer to hear Alexa without inserting headphones into his or her ears, according to the report.

Amazon was not immediately available to comment on the report outside regular business hours.

Earlier this year, Alphabet Inc reintroduced its own wearable glass headset, Google Glass, after discontinuing its production last year.

Bezos’s Reign As World’s Richest Person Short-Lived

Amazon.com Inc. founder Jeff Bezos surpassed Bill Gates as the world’s richest person on Thursday for a few hours.

Shares of the online retailer had surged as U.S. markets opened, and climbed as much as 2.9 percent just before noon in New York, giving Bezos a net worth of $92.3 billion. Then, with investors bracing for the Seattle-based company to report second-quarter results after the close, the shares tumbled. Amazon fell 0.7 percent on the day, leaving Bezos with $89.3 billion and keeping him in second place on the Bloomberg Billionaires Index. Gates, the 61-year-old Microsoft Corp. co-founder, has held the top ranking since May 2013.

Amazon dropped further in extended trading, sliding 1.9 percent to $1,026 at 4:37 p.m. in New York, after reporting earnings that missed estimates and forecasting a possible operating loss for the third quarter.

 

 

Amazon Wins Deal To Pay $50 Million To Stream NFL Thursday Games Over Twitter

Amazon won the rights to broadcast 10 National Football League Thursday night games live online this season as part of its video subscription service, the online retailer’s latest effort to boost the value of Prime membership.

The e-commerce giant paid $50 million for the one-year deal, according to a person familiar with the agreement. An Amazon spokesman Tuesday confirmed the company gained the streaming rights to the games, but declined to comment further.

Twitter had a similar deal for the NFL’s Thursday night games last year, kicking off a strategy to expand video and boost its appeal to a broader audience. The agreement with the NFL spurred more than 40 partnerships for Twitter to live stream sports, entertainment, news and politics, the company said. But the loss of the contract shows the unpredictability of relying on annual deals to build the business. Twitter fell 0.4 percent Wednesday to $14.63 at 10:57 a.m. in New York.

“The NFL was a great partner to launch our strategy and we will continue to work with them to bring great content to our passionate sports fans,” Twitter said in a statement.

While the games will continue to be broadcast on television by CBS, NBC and the NFL Network, short-term digital agreements are part of the football league’s strategy leading up to 2021, when the traditional broadcast deals begin to expire. At that point the NFL will be looking at tech companies as possible bidders alongside networks like ESPN, CBS, NBC and Fox.

Amazon has been enhancing its streaming content by making original movies and shows to increase the value of $99-a-year Prime membership, which also includes delivery discounts and photo storage. Customers who watch shows on Amazon during promotional trials are more likely to subscribe to Prime and renew their memberships, the company has said.

Amazon Shutting Down Unprofitable Quidsi Unit

Amazon on Wednesday confirmed that it is shutting down its Quidsi unit, which runs websites Diapers.com and Soap.com, due to a persistent lack of profitability there.

Quidsi was an Amazon rival in the US before the online retail made a $545 million deal in late 2010 to buy the startup.

“We have worked extremely hard for the past seven years to get Quidsi to be profitable, and unfortunately we have not been able to do so,” an Amazon spokesperson said in an email reply to an AFP inquiry.

“Quidsi has great brand expertise and they will continue to offer selection on Amazon.com; the software development team will focus on building technology for AmazonFresh.”

AmazonFresh lets people shop online for grocery store goods, including pet, baby and beauty supplies.

Quidsi co-founder Marc Lore went on to create another online commerce company, Jet.com, which was bought last year by Walmart for about $3 billion in a move aimed at competing with Amazon.

Credit: Guardian