Jeff Bezos - tendency of Jan 20

Jeff Bezos

Information about Jeff Bezos

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In 1998, Bezos diversified into the online sale of music and video; by the end of the year, he had also expanded the company's products to include a variety of consumer goods. Bezos used the $54 million raised during the company's 1997 equity offering to finance aggressive acquisition of smaller competitors. In 2002, Bezos led Amazon to launch Amazon Web Services, which compiled data from weather channels and website traffic. In late 2002, rapid spending from Amazon caused it financial distress when revenues stagnated. In 2000, Bezos borrowed $2 billion from banks, as its cash balances dipped to only $350 million. After the company nearly went bankrupt, he closed distribution centers and laid off 14% of the Amazon workforce. In 2003, Amazon rebounded from financial instability and turned a profit of $400 million. In November 2007, Bezos launched the Amazon Kindle. According to a 2008 Time profile, Bezos wished to create the same flow state found in video game simulations in books; he wished readers would fully engage with books. In 2013, Bezos secured a $600 million contract with the Central Intelligence Agency (CIA) on behalf of Amazon Web Services. In October that year, Amazon was recognized as the largest online shopping retailer in the world.