Jeff Bezos is the richest man on the planet. The Amazon.com (NASDAQ: AMZN) founder has yet again surpassed Microsoft cofounder Bill Gates as the richest person in the world and is on the verge of hitting a net worth of $100 billion.
When Amazon was founded in 1994, I’m sure Bezos had no idea that he would be the richest person in the world 23 years later, or maybe he did…
Amazon has morphed into one of the biggest companies. If something I need pops into my head, I immediately check for it on Amazon. It’s become my go-to source, at least for comparing prices. Thanks to the internet, we’ve all become bargain shoppers. And this is partially why Amazon has gradually become the go-to site for buying anything and everything.
Bezos had an idea of what consumers wanted and how to get it to them. As with all great leaders, he was able to think ahead and create an ecosystem where customers didn’t have to go anywhere else to find what they needed.
And that’s exactly what Amazon is: A place where customers don’t have to go anywhere else for anything.
So, what got Jeff Bezos here? How did he become the richest person on the planet?
Well, investors have continued seeing Amazon as a valuable asset and as something different, compared to other e-commerce companies. Amazon has continued expanding in all directions, gradually exploring new frontiers like groceries and entertainment.
With every endeavor, the company is becoming more and more valuable, which could be the reason behind why Morgan Stanley recently said Amazon is on the path to becoming a $100 trillion company in 2018. The bank is also predicting that Amazon could end up hitting a $2,000 share price within the next 12 months.
While talking with TechCrunch, Jeff Bezos said: “When I have dinner with friends or family, I like to be doing whatever I’m doing. I don’t like to multi-task. If I’m reading my email I want to be reading my email.”
This characteristic is definitely visible in Bezos’ business approach. When he’s focusing on something, whether it’s an acquisition or a new way to shift Amazon into an even greater ecosystem, Bezos remains focused. And while multitasking seems like it would be beneficial to a business, it could definitely have the opposite effect.
If you’re focusing most of your attention and energy on a lot of little tasks, you won’t be able to focus on the ones that matter most. Bezos focuses on enhancing one part of Amazon’s business at a time.
And this focus could be why the various parts of Amazon’s business have grown and are continuing to grow.
Just this year, Bezos has seen his wealth reach $31 billion, and as of November 9th, Bloomberg is estimating Bezos’s net worth at $96.1 billion.
But this isn’t the first time that Bezos has been the richest person in the world. Last July 27th was the first time Bezos was awarded the title. But that accomplishment only lasted for a day. Also on that day, Amazon’s share price reached a high of $1,050, but it didn’t stay at that price for long. And when it dropped, Bezos became the second-richest person in the world, behind Bill Gates.
On November 15th, Amazon opened the markets with $1,136 per share. For Bezos to continue holding the spot of richest man alive, Amazon will need to keep trading above $1,000, which is completely doable for this company.
Amazon is continuing to dominate so many different markets. And, like I said before, this dominance is making investors see Amazon as a valuable asset that’ll only get greater. And as long as Bezos continues being CEO and having a strong focus on business ventures, we could definitely see share prices increasing — maybe even to $2,000, as predicted by Morgan Stanley.
Until next time,
Jennifer Clark
Pro Trader Today