The Briefing Room
General Category => Economy/Business => Topic started by: Applewood on September 05, 2018, 01:36:48 pm
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Amazon Hits $1 Trillion Valuation
Amazon.com, Inc. … followed Apple Inc. ... to become the second U.S. company to reach $1 trillion in market value, reflecting the online retailer’s striking transformation from a profitless bookseller into a disruptive force of commerce.
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Excerpted. More at: https://www.wsj.com/articles/amazon-hits-1-trillion-valuation-1536075734 (https://www.wsj.com/articles/amazon-hits-1-trillion-valuation-1536075734)
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Trump might be seething by now.
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Good for them.
And to think is started as a college kid selling books out of his garage.
(https://i.pinimg.com/736x/ba/5b/93/ba5b93adf6f11ca53a0f3ae75cd8dc4c.jpg)
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And to think is started as a college kid selling books out of his garage.
College kid?
Jeff Bezos
https://www.entrepreneur.com/article/197608 (https://www.entrepreneur.com/article/197608)
...In 1994, Jeff Bezos was already what many would consider extremely successful. The youngest-ever senior vice president at Wall Street investment banker D.E. Shaw & Co., the 30-year-old Bezos was already making an estimated six-figure salary and was destined to rise even further in the company ranks. But Jeff had other plans. Fueled by a secret passion for the infant business of electronic retailing, Jeff dreamed of creating his own company in the vast, then virtually uncharted wilds of the World Wide Web. It was a risky move, but it quickly paid off. Just four years after Bezos created Amazon.com, the virtual bookstore became the template for how e-commerce businesses should be run, with sales of more than $610 million and more than 13 million customers worldwide....
...He drew up a list of 20 potential products he thought might sell well via the Internet, including software, CDs and books. After reviewing the list, books were the obvious choice, primarily because of the sheer number of titles in existence. Bezos realized that while even the largest superstores could stock only a few hundred thousand books, a mere fraction of what is available, a "virtual" bookstore could offer millions of titles. The die was cast. Bezos passed up a fat bonus, packed his wife, MacKenzie, and their dog, Kamala (named after an obscure "Star Trek" character), and headed for Seattle.
For Bezos, Seattle was the ideal city for his new business. Not only was it home to a tremendous pool of high-tech talent, it was also in close proximity to Ingram Book Group's Oregon warehouse. While MacKenzie drove, Jeff spent the trip pecking out a business plan on a laptop computer and calling prospective investors on a cell phone. With $1 million raised from family and friends, Bezos rented a house in Seattle and set up his business in the garage....
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Good for them.
And to think is started as a college kid selling books out of his garage.
(https://i.pinimg.com/736x/ba/5b/93/ba5b93adf6f11ca53a0f3ae75cd8dc4c.jpg)
Close enough. I thought he was still working on his master's degree at the time. Still a young(ish) guy with a vision.
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Close enough. I thought he was still working on his master's degree at the time. Still a young(ish) guy with a vision.
Very young. I don't mean to diminish his accomplishment. But he had graduated Princeton in 1986.
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Good for Amazon..
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Good for Amazon..
In about 1987 or 1988 I remember him being interviewed on a 60 Minutes piece. At the time I thought his ideas on e-commerce were of a crazy crackpot. Man was I ever wrong.
I knew it was a race between AMZ and AAPL to the $1T mark. APPL may have been first, but Amazon's upside is way higher.
Too bad his politics are left of center.
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This morning I watched the last of the store fixtures being removed from the now closed local Sears store and I thought, if only Sears management had learned some things from Amazon and applied them, Sears might not be swirling the bowl now.
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I have been listening to Clinical Psychologist penom Jordan B. Peterson.
He suggests that Liberals are more creative, but conservatives more organized.
He further opines, crative company starters, need organized administrators to make it all work.
I so not view those as absolutes, but I do see the concept.
Recently Uber's founder made a mess, of running the place.
Likewise Elon Musk may fit into that paradigm, too.
Ever wonder why successful companies, seem to have a "personality?"
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Good for them.
And to think is started as a college kid selling books out of his garage.
(https://i.pinimg.com/736x/ba/5b/93/ba5b93adf6f11ca53a0f3ae75cd8dc4c.jpg)
Wrong billionaire. It was Michael Dell who started a multi-billion dollar company as a college kid, selling PC upgrade kits out of his dorm room at the University of Texas.