Thursday, April 18, 2024

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    Jeff Bezos retires as Amazon CEO with $262 Billion

    Tv24 Desk: As he steps down, Amazon founder Jeff Bezos makes more money every second than the average American worker makes in a week.

    When Jeff Bezos steps down today (Monday) as Amazon’s CEO at age 57, he will carry with him an estimated $US197 billion ($A262 billion) — a staggering fortune that is 739,489 times the median net worth of an American at age 65.

    That median net worth is $US266,400 ($A354,4000), citing data from the Federal Reserve.

    Amazon announced in February that Bezos would step down this year and assume the mantle of executive chairman of the e-commerce giant’s board.

    He is expected to dedicate more time toward initiatives like the Bezos Earth Fund, his Blue Origin spaceship company, The Washington Post and the Amazon Day 1 Fund.

    Bezos received an $US81,840 ($A108,870) salary and $US1.6 million ($A2.1 million) in other compensation from the company last year, according to Business Insider.

    His net worth exploded by $US75 billion ($A100 billion) during 2020 as the Covid-19 pandemic drove sales into the stratosphere on his company’s online marketplace, sending shares skyward.

    Bezos, who makes more money every second than the average American worker makes in a week, has drawn criticism for getting richer while thousands of Amazon workers live on food stamps and toil in poor conditions.

    He will be replaced by Andy Jassy, current CEO of Amazon Web Services, the company’s cloud platform.

    Amazon plans to award incoming chief executive Andy Jassy more than $US200 million ($A266 million) in extra stock, which will pay out over 10 years.

    This story originally appeared on the New York Post and is reproduced here with permission

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