ReportWire

Tag: Jeff Bezos

  • ‘I don’t believe in remote work,’ says founder of a Jeff Bezos-backed Latin fintech that’s already turning a profit without touching its cash on hand

    ‘I don’t believe in remote work,’ says founder of a Jeff Bezos-backed Latin fintech that’s already turning a profit without touching its cash on hand

    [ad_1]

    Stark Bank, one of the few Latin America startups to receive funding from Jeff Bezos’ family office, is generating profits from its business of helping companies handle payments, while leaving cash raised from its funding rounds nearly untouched.

    The Sao Paulo-based company handled 155 billion reais ($31 billion) of payments in 2023, a three-fold jump from a year earlier, while more than doubling net income to 71.5 million reais, founder Rafael Stark said in an interview, disclosing the closely held firm’s 2023 financial results for the first time.

    The startup, which assists companies in processing payments, invoices and receivables, is focused on gaining domestic market share from large corporate banks, said Stark, who owns 38% of the firm. Its list of 600 or so clients includes Gol Linhas Aereas Inteligentes SA, Localiza Rent a Car SA, Cia Ultragaz SA and fellow startups Loft and QuintoAndar.

    “While a lot of tech companies are trying to stop losing money we’re posting high levels of profitability,” Stark, 35, said. “There’s no need to keep raising money and diluting my stake. It’s better to grow and create much more value further down the road.”

    Series B

    In its Series B round in 2022, Stark raised $45 million from investors including Bezos Expeditions, the Amazon.com Inc. founder’s family office, and Ribbit Capital at a valuation of $250 million. Earlier investors included Fabio Igel of Monashees Capital, Stewart Butterfield of Slack Technologies Inc., Brian Armstrong of Coinbase Global Inc. and Arash Ferdowsi of Dropbox Inc. 

    Stark said the firm’s market share in various metrics remains small among corporate banks in Brazil, showing potential for growth. While Stark doesn’t have a formal banking license, it’s able to lend from its own cash on hand, and is planning to spend more on marketing in 2024 after years of keeping a low profile to build the product.

    Stark said the company allows its clients to automate time-consuming tasks like billing and payroll.

    “When a company manages a lot of transactions they can misplace information, and if they’re not organized they can lose a lot of money,” he said. “We allow the company to be more efficient. That means sometimes a team of 30 people that do manual tasks and commit human errors can be reduced to about five people to do the same work.”

    About 30% of its nearly 90 employees are engineers.  

    Stark’s focus on helping fellow tech companies and the ability to customize solutions for clients is an advantage compared with large Brazilian banks, said Bruno Diniz, a managing partner at consulting firm Spiralem, which works with fintechs.

    ‘Interesting Niche’

    “They found a very interesting niche,” Diniz said. “They’re very lean in their tech stack, which allows them to provide this custom type of service for the big players. And once they create a customer solution for one player, they replicate that and start offering to all the other clients.”

    Born Rafael Castro de Matos in the central state of Goias, Stark studied engineering in Brazil and later received a scholarship in the US, where he attended California Polytechnic University and Stanford University. He founded his firm in 2018 and legally changed his surname to Stark on all official documents. 

    In drawing parallels to digital bank Nu Holdings Ltd.’s growth path, he anticipates a potential initial public offering about a decade after founding — or close to 2029 — and is focused for now on Brazil and Sao Paulo, where the bulk of the country’s biggest firms are based.

    One glaring difference at Stark from other tech startups is that employees are expected to be in the office five days a week. To sweeten the deal, he’s built out the top floor of the building to soon house a bar, restaurant and meeting areas for employees. Stark also says he pays above market wages while offering a stipend for those living close to the office.

    “I don’t believe in remote work,” he said. “We need people who are aligned with what we’re building. So someone who is aligned with their own comfort zone and remote work isn’t aligned with the values of Stark. To do big things, you need to leave your comfort zone.” 

    Subscribe to the CEO Daily newsletter to get the CEO perspective on the biggest headlines in business. Sign up for free.

    [ad_2]

    Daniel Cancel, Bloomberg

    Source link

  • Amazon’s Surging Stock Could Soon Make Jeff Bezos The World’s Richest Man Again

    Amazon’s Surging Stock Could Soon Make Jeff Bezos The World’s Richest Man Again

    [ad_1]

    Jeff Bezos arrives at the Dolce&Gabbana Party during the Milan Menswear Fall/Winter 2024-2025 on January 13, 2024 in Milan, Italy. Jacopo Raule/Getty Images

    Jeff Bezos could be making a play for the title of the world’s richest person after losing it to Elon Musk in 2021. Amazon (AMZN) disclosed earlier this month (Feb. 2) that the e-commerce billionaire will sell up to 50 million company shares over the next year, which could potentially boost his net worth to over $200 billion. 

    Bezos already sold 12 million Amazon shares worth about $2 billion on Feb. 7 and Feb. 8, according to a company filing to the SEC on Feb.9. All 50 million shares would be worth over $8 billion, depending on Amazon shares’ market price.

    It’s unclear why Bezos is selling such a large chunk of Amazon equity. He owned 988 million Amazon shares worth about $170 billion (just shy of 10 percent of the company) at the end of 2023, according to Amazon 2023 proxy statement.

    On Bloomberg’s real-time billionaires rankings, Bezos currently sits behind Musk by a thin margin of $9 billion. The Amazon founder is worth $200 billion, while the Tesla (TSLA) and SpaceX CEO is worth $209 billion. Bezos was the world’s richest person from 2017 (overtaking Bill Gates) to 2021 before being dethroned by Musk. French luxury mogul Bernard Arnault, who owns the fashion and beauty conglomerate LVMH (LVMHF), also often traded places with Musk and Bezos in the top ranks. 

    The majority of Bezos’s and Musk’s wealth is tied to stock of their respective companies. The recent slump of Tesla’s share price and the sharp rise of Amazon is giving Bezos an opportunity to surpass Musk.

    Since the beginning of 2024, Tesla stock is down more than 24 percent, costing Musk about $20 billion in paper wealth. Over the same period, Amazon stock is up 15 percent, adding $23 billion under Bezos’s belt.

    Bezos stepped down as Amazon CEO in 2021 while remaining as the company’s board chairman. He has been moving about $1 billion a year to fund his space company, Blue Origin, and expanding his philanthropic efforts since then.

    Amazon’s Surging Stock Could Soon Make Jeff Bezos The World’s Richest Man Again



    [ad_2]

    Nhari Djan

    Source link

  • Let's Send All Billionaires to Mars! – Jim Hightower, Humor Times

    Let's Send All Billionaires to Mars! – Jim Hightower, Humor Times

    [ad_1]

    Why not just send our “genius” billionaires to Mars, and let them report back?

    Unfortunately, in the short time we homo sapiens have existed on this 4.5-billion-year-old Planet Earth, we have trashed the place. Climate change, deforestation, desertification, plastics in everything, etc.

    Fortunately, though, we large-brained hominids have evolved an almost-magical resource that promises to be our salvation: Billionaires!

    One of the priceless benefits of amassing a multibillion-dollar, self-regenerating pile of wealth is that it automatically establishes you as “a Genius.” Never mind that you’ve most likely acquired your stash through some combination of inheritance, grift, rank exploitation, tax dodging and such; you’re suddenly treated as a savant whose most fanciful nonsense is now taken seriously by the establishment.

    Thus, we presently have two overstuffed money hogs, Elon Musk and Jeff Bezos, preaching that Earth is a lost cause. But, no problem, for they are designing space technologies that will let a cadre of select humans escape doom by colonizing the Moon and Mars. Using untold billions of our tax dollars, the two are in a PR race to land their spaceships first. But — hey, bozos! — what then? You think our blue-green planet is hell, try living with no air, water, soil, little gravity and zero protection from the incessant bombardment of cosmic radiation.

    Well, postulate the billionaire space cadets, “we” (actually meaning us taxpayers) will just geoengineer Mars and the Moon, terraforming them into an Earthlike oasis. But, wait — as astrophysicist Neil DeGrasse Tyson pointed out a decade ago — “If you had the power to terraform Mars into Earth, then you have the power to turn Earth back to Earth.”

    Tyson later said he’d only go to Mars if the designer of the colony “had sent their mother first.” Nice… but I have no doubt Musk and Bezos would gladly sacrifice their moms to advance their egos.

    Forget Millionaires. A Few Billionaires Are Now Stealing Our Country

    In the serious business of politics, a little humor can be your best friend.

    I saw its impact 30 years ago in Austin when a group of young, irreverent democracy activists decided to try limiting corporations that were drowning our local elections in their special-interest campaign cash. The upstart group named their grassroots effort a name that was a bit whimsical, yet pointed: “Austinites for a Little Less Corruption.”

    It caught on. Even though the entire corporate, political and media establishment united in furious opposition to the reform, 70% of voters rather joyously shouted, “YES!”

    Now more than ever, we need to rally grassroots Americans in a high-spirited, openly rebellious campaign to save our people’s historic democratic values. An autocratic coterie of plutocratic supremists with unlimited corporate funding already dominates our elections, public policy, agenda and our highest courts. It’s not a secret conspiracy; they’re quite open about it!

    But forget the days of million-dollar donors; the arsenal of the systemic corruptors has now been nuclearized. For example, Charles Koch has just injected $5 billion in his 2024 political operation. Tim Dunn, an ultra-right-wing Texas oil baron and extremist GOP sugar daddy, has just sold his fracking empire for $12 billion, gaining a new gusher of cash to weaponize his intention to impose laissez-faire rule over America.

    It’s hard to visualize how much more anti-democratic firepower one gets by spending billions instead of mere millions. Think of the difference not in terms of dollars, but time. If you have a million seconds, that’s 11 days. But a billion seconds — that’s more than 31 years!

    We can have no progress — no democracy — without getting corporate money out of America’s political system. For info and action, go to citizen.org.

    Jim HightowerJim Hightower
    Latest posts by Jim Hightower (see all)
    ShareShare

    [ad_2]

    Jim Hightower

    Source link

  • Jeff Bezos Encouraged His Brother And Sister To Invest $10,000 In Amazon — Their Stake Grew 10,249,900% And Now Potentially Is Worth Over $1 Billion

    Jeff Bezos Encouraged His Brother And Sister To Invest $10,000 In Amazon — Their Stake Grew 10,249,900% And Now Potentially Is Worth Over $1 Billion

    [ad_1]

    In the mid-1990s, a $10,000 investment in a nascent online bookstore seemed risky, but for Jeff Bezos’s siblings Mark and Christina, the decision may have catapulted them into the ranks of billionaires. A Bloomberg report reveals that in 1996, they each purchased 30,000 Amazon.com Inc. shares for $10,000. This investment has since grown exponentially, with each sibling’s stake potentially reaching over $1 billion today, a 10,249,900% gain.

    According to an article by Luxury Launches, referencing a Bloomberg report from July 31, 2018, the stakes held by Jeff Bezos’s siblings were valued at $640 million each, based on Amazon’s stock closing price of $91 at the time. Fast forward to the present, and with Amazon’s stock price at $149, their stakes are now valued at $1.044 billion each.

    Don’t Miss:

    Bezos, recognizing the emerging potential of e-commerce, embarked on an ambitious venture by founding Amazon in July 1994. This was a time when the internet was primarily used by government and educational institutions. Despite these limitations, Bezos was undeterred and pursued his vision, seeing the broader possibilities that the internet could offer.

    Convincing investors, including his family, of the venture’s potential despite a high risk of failure was a monumental task. Bezos cautioned his parents about the 70% risk of losing their investment. According to the book “The Everything Store: Jeff Bezos and the Age of Amazon,” he said, “I want you to know what the risks are because I still want to come home for Thanksgiving if this doesn’t work.”

    In 1994, Bezos reportedly held 60 meetings with family members, friends and potential investors in an attempt to persuade them to invest in his online bookshop idea. Out of the 60 people he approached, 38 were not convinced. Years later, Bezos reflected on these early rejections, noting how some of those who declined his offer were still affected by their decision, either accepting it as part of life or finding it too painful to discuss.

    Amazon’s journey to success was fraught with challenges. It went public on May 15, 1997, at $18 per share, navigating through the turbulent times of the dot-com bubble. Yet, under Bezos’s leadership, the company not only survived but flourished, expanding beyond online retail and achieving a market cap of $1.5 trillion.

    Trending: This brokerage offers custom rewards for users to switch – the biggest reward so far for 1 user is $19,977.48. Will yours beat it?

    Mark and Christina Bezos, despite their low public profiles, have been integral to Amazon’s story. Mark Bezos, diverging from the Amazon path, carved out a successful career in advertising and philanthropy, while Christina Bezos has maintained a discreet presence, focusing on family and philanthropic efforts.

    The Bezos siblings’ journey with Amazon, from a high-risk investment to a billion-dollar return, underscores the power of visionary entrepreneurship and the potential of the digital economy. Their story, intertwined with the rise of one of the world’s most influential companies, highlights the far-reaching impact of strategic risk-taking in the rapidly evolving world of technology and commerce.

    The story of the Bezos siblings and their investment in Amazon is more than a tale of financial gain; it’s an example of the potential of startups. Their success is a reminder that investing in a startup, while risky, can lead to extraordinary outcomes. It’s about spotting opportunities in visionary ideas and the courage to back them, even when the future seems uncertain.

    Imagine being part of something that starts small but grows into a global phenomenon. That’s the allure of investing in startups. Today’s small online bookstore could be tomorrow’s tech giant.

    Read Next:

    “ACTIVE INVESTORS’ SECRET WEAPON” Supercharge Your Stock Market Game with the #1 “news & everything else” trading tool: Benzinga Pro – Click here to start Your 14-Day Trial Now!

    Get the latest stock analysis from Benzinga?

    This article Jeff Bezos Encouraged His Brother And Sister To Invest $10,000 In Amazon — Their Stake Grew 10,249,900% And Now Potentially Is Worth Over $1 Billion originally appeared on Benzinga.com

    © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

    [ad_2]

    Source link

  • Jeff Bezos, Leonardo DiCaprio, and More Collabos Than You Can Shake a Stick At: Welcome to Art Basel Miami Beach 2023

    Jeff Bezos, Leonardo DiCaprio, and More Collabos Than You Can Shake a Stick At: Welcome to Art Basel Miami Beach 2023

    [ad_1]

    On the day before the opening of Art Basel Miami Beach, architect and artist Peter Marino was sitting in a room that he designed, looking out at the ocean, wearing what for him passes for swimwear: black leather pants, black leather jacket, motorcycle boots, black leather cap, black aviator sunglasses, a necklace featuring two small meat cleavers, and brass knuckles with rats on them. Nearby was a bowl full of M&Ms. Those were all black too.

    “I like to adopt damaged cats—I mean, I like damaged buildings,” Marino said, in his trademark English-adjacent lilt. “I think in architecture, quite seriously, a lot is wasteful in America. People are always busy knocking everything down and building new shit. And I’m very respectful of architecture that was very good and old.”

    Marino was talking about the Raleigh Hotel, the classic art deco crash pad that opened in 1940, was made famous by swimming Hollywood starlets, was nearly demolished as Collins Avenue went abandoned during the Miami Vice decade, spearheaded the Miami Beach revival in the ’90s, got bought by André Balazs in 2002 shortly after the arrival of Art Basel Miami Beach, was sold again, and then again, and has been shuttered since Hurricane Irma in 2017.

    The Raleigh, though, will soon return. Developer Michael Shvo, who, along with his backers, has spent billions on real estate since the beginning of the pandemic, has acquired the property and its adjoining real estate to create a three-acre beachfront parcel. Shvo hired Marino—best known for designing storefronts for Chanel and homes for the Qatari billionaire HBJ, Larry Gagosian, and Steven Schwarzman—to design the sprawling hotel cluster and residential high-rise that will go up next door. It was a big get. Apart from some boutiques and private homes, Marino is not big on Miami projects.

    “Peter’s moving into the buildings, so finally he’s going to have a home in Miami,” Shvo said. “The level of Miami is just now getting elevated. There was nowhere to go, right?”

    “Well, there was some place to go—you could buy a house in Coconut Grove, which is an hour away, which is like living in northern Westchester and saying, ‘I live in New York,’” Marino said. “They’re very nice communities, I think. But they’re far away. And with traffic, it’s not conducive to a weekender such as myself.”

    We were speaking in a temporary structure built to evoke Marino’s plans for the Raleigh, with the stately deco look shaking hands with his more brash style. There was a precise replica of the original bar downstairs, serving VIPs gratis martinis and dishes from Langosteria, the Milan seafood spot popular among the mega-yacht set. We moved over to the model of the Raleigh, Shvo looming over his yet-to-be-built empire with its pool to be viewed from the high-rise condo building. The 40 units start at $10 million.

    “Yes, a lot of these buyers here are second, third, fourth home buyers, but they’re spending a lot more time here,” Shvo told me. “They’ll spend six months out of the year, four months out of the year.”

    I asked him what pushed Miami toward its transformation into a city where such people live and work. He responded immediately.

    “Covid was an accelerant,” he said. “Miami was transitioning from being a weekend city, a resort city, to being what I call an urban resort. So the idea is that: you can live here, you can vacation here, you can eat here, you can play here. The restaurant scene has obviously evolved. The culture has evolved, the museums have evolved. Those are things that you didn’t have five years ago.”

    Art Basel Miami Beach is not the best art fair in the world. It’s not the coolest. It’s not the most fun, or the chicest, or the most lucrative. Then why, year after year, does it only get bigger? It’s just the nature of Miami, a perpetual boomtown. About this time last year, we were talking about how no other city in America had tethered its fortunes closer to the crypto boom than Miami. The mayor took his salary in Bitcoin, and a large portion of the sector seemed to operate out of bay-adjacent office clusters. Until recently, the Miami Heat’s arena bore the name for the now infamous Sam Bankman-Fried–run crypto exchange, FTX.

    Surely such a place might see some of its enthusiasm dampened in the last nine months. And yet after the crypto crash, Miami was doing just fine as far as I could tell. Now the real banks have moved in, most recently Ken Griffin’s Citadel, following Carl Icahn’s shop and Paul Singer’s Elliott Management.

    “We’ll see how big Wall Street South becomes,” Griffin said in an interview with

    Bloomberg News at the Citadel Securities Global Macro Conference in Miami. “We’re on Brickell Bay, and maybe in 50 years it will be Brickell Bay North how we refer to New York in finance.”

    As Shvo says, people are indeed moving here, and staying here. Jeff Bezos and his fiancée, Lauren Sánchez, have purchased two neighboring properties on a beachside island called Indian Creek, the so-called billionaire’s bunker that counts Julio Iglesias and Tom Brady as residents. Also on the bunker are Jared Kushner and Ivanka Trump, who have been soft-launching their return to polite society on the local dining scene. Last week, Ivanka went to see The Black Keys with the actor Rachel Korine, who lives nearby with her husband, the artist and filmmaker Harmony Korine. A source said that Harmony has been coming over to the Kushner-Trump house to study the Torah with Jared. (A rep for Kushner did not immediately respond to a request for comment.)

    [ad_2]

    Nate Freeman

    Source link

  • “People Are Disgusted”: Why Washington Post Staff Walked Out

    “People Are Disgusted”: Why Washington Post Staff Walked Out

    [ad_1]

    The Guild is asking for 4% raises a year for three years, while the company is offering 2.25% for the first year of the contract, and 2% the next two years. “We deserve a contract that has job security protections and that respects seniority and the value of the employees who have given multiple decades of their lives to this company,” said Kaplan. “We deserve a buyout process that is fair and truly voluntary, and that is not deceptively a worse deal than the company claims it is. And most of all we just deserve to be dealt with fairly by our employer.”

    “We respect the rights of our Guild-covered colleagues to engage in this planned one-day strike. We will make sure our readers and customers are as unaffected as possible,” a Post spokesperson said in a statement. “The Post’s goal remains the same as it has from the start of our negotiations: to reach an agreement with the Guild that meets the needs of our employees and the needs of our business.”

    With hundreds of staffers pledging support for the walkout earlier this week, a second Post staffer said “it’s going to be noticeable,” but questioned “whether it’s going to be effective.” In some cases, entire departments, such as the Metro and investigative teams, committed to walking out, Post reporter Marissa Lang said, as did “colleagues on the commercial side, and in the print plant,” who walked off their jobs in the early hours of Thursday morning. “A walkout of 750 people touches every part of the Washington Post organization,” said Lang. Earlier this week, Post Guild released an open letter asking readers to “respect our walkout by not crossing the picket line,” meaning “do not engage with any Washington Post content.” If you did read the Post on Thursday, though, you may have noticed some stories—like one about a new crime center in DC to the paper’s own coverage of its labor protest —had a general byline: “By Washington Post Staff.” Either reporters had their names stripped off stories, or the generically bylined pieces were written by editors.

    Staffers I spoke to had mixed feelings about how much this action will really do. “I think people are genuinely impressed by how this young contention of leaders has revived the union, and doubled its membership,” said a third Post staffer. But “a lot of the same people are disappointed to see that they’re acting out in this way that doesn’t seem to be connected to any real prospect of progress on pay of jobs.” I’m told that there was internal second-guessing on Thursday among reporters who’d agreed to walk out but were now wondering, among other things, what would come next. Some high-profile staffers signed onto the strike out of fear of being publicly called out if they didn’t participate, according to a Post staffer. A piece in Semafor did just that to two top New York Times reporters, Peter Baker and Michael Shear, last year when the two opted out of the Gray Lady union’s walkout—an article, the Post staffer said, that had been circulating in recent days.

    Asked about the Guild’s plan following the strike, Lang said they would “extend another one-day invitation to the company to sit down with us and meaningfully bargain over the terms of our contract. If they refuse and continue to engage in some of the behavior we’ve seen, we’re prepared to continue to pressure them,” she said.

    The Post Guild’s decision to walk off the job amid lagging contract negotiations comes nearly one year to the day that the Times’s unionized staffers rallied outside the newspaper’s headquarters in their own historic act of protest. Several months later, the Times’s bitter labor fight came to an end as the staff union and company agreed to a contract. In August, Axios reported that members of the Times union briefed staffers from the Post union as the Post considered a walkout of its own.

    There are distinctions between the staff appeals at the two papers. Part of the Times union’s rallying call last year was tied to the company having increased compensation for some top officers and increased its dividend payout to shareholders. The Post’s walkout, on the other hand, comes as the company has admitted it’s been operating on faulty financial projections and is buying out—or, potentially, laying off—about 10% of its workforce. While one Post staffer acknowledged its New York–based rival is on firmer financial footing these days, they also pointed out the Times is “not owned by the second richest guy in the world.”

    [ad_2]

    Charlotte Klein

    Source link

  • How Jessica Lessin’s The Information Has Survived a Decade of Media Tumult

    How Jessica Lessin’s The Information Has Survived a Decade of Media Tumult

    [ad_1]

    The OpenAI saga was, in many ways, a perfect story for The Information. Reporters at the influential tech site spent the week of Thanksgiving obsessively chronicling the chaos inside the company behind ChatGPT, after its board of directors abruptly ousted its CEO Sam Altman. Five days later, Altman, the generative AI poster boy, was reinstated. By then, The Information had published 17 exclusive news articles on the company that had been picked up hundreds of times by other news outlets. “His firing was announced, and then everyone on my team was sending me all these tweets, where people were saying, ‘Oh, if The Information gets the scoop on this, I’ll subscribe,’ or ‘I really hope my Information subscription’s worth the money,’” editor in chief Jessica Lessin recalls. “And so it really felt like game on.” Lessin—who has followed Altman from the start, writing the first extensive profile on him back in 2005—supported her team throughout the week by, among other things, “reporting in bathrooms while serving my friendsgiving” and at the ENT doctor with her four-year-old.

    The small-but-mighty Silicon Valley publication, which turns 10 this week, has spent the past decade rolling out ad-free scoops and analysis to a targeted audience willing to cough up $399 a year for total access. Back in 2013, when Lessin left The Wall Street Journal to start her company, it was generally accepted that “legacy media was where serious journalism was. And then there were a couple of upstarts trying to do new things, but trying to fuel it with venture capital and ad dollars,” she says, adding, “Those businesses have evaporated.” But The Information, fueled by subscriptions, has survived and seemingly paved the way for a new cohort of outlets offering niche industry reporting at a premium price, from Puck to Punchbowl News. Today, more outlets, like Axios and Politico, are also offering B2B subscription products along with their free content.

    “There were a number of media start-ups around that moment, and she was very unconventional—that she was doing paid subscriptions and was not that interested in social,” says Ben Smith, a former editor in chief of BuzzFeed News, who last year founded Semafor, one of the start-ups in which Lessin has invested. “It kind of pains me to say it, but obviously, she’s been totally vindicated, and most of her competitors are no longer around.” Those former competitors include BuzzFeed News, the Pulitzer Prize–winning online news site that shut down in April. There was also Recode, a brand Vox retired in March; Quartz, which is still around but has changed hands multiple times over the years, most recently to G/O Media; and Vice, which, the Times, while reporting that the company had filed for bankruptcy in May, referred to as a “decayed digital colossus.” Lessin was ahead of her time with the business model she adopted and the story she wanted to own. “She’d come out of The Wall Street Journal, and there was a sense that The Information was applying the kind of East Coast financial reporting rigor to an ecosystem that the East Coast publications didn’t really seem to understand very well,” says Smith. Longtime subscriber Roelof Botha, the head of Sequoia Capital and former CFO of PayPal, agrees, noting that when Lessin started The Information, “The conventional wisdom at the time was, Oh, you’re not going to build a successful subscription-only business at that price point. Who knows if the market is big enough for people who are deeply passionate about technology news of the sorts that they would cover?” He adds, “She was on the right side of history.”

    “There is no CEO of any company of significance that was not paying attention to OpenAI over the past week,” Lessin tells me. “I think that was a fundamental bet we took 10 years ago—that you cannot be ahead or even keep up in business without immersing yourself in what’s happening in these companies and technologies.”

    Today, per Lessin, The Information has 475,000 active readers (i.e., paid subscribers and unpaid newsletter subscribers). According to Lessin, they expect to be profitable this year. The company will grow its overall revenue by 30% year over year in 2023. They’ve been disciplined when it comes to growth, with only 65 full-time employees working across offices in San Francisco, New York, and Hong Kong, as well as remotely. Lessin is focused on growing The Information’s presence in Asia; they currently have three people assigned to the Hong Kong bureau and two hires in the works. Lessin, meanwhile, traveled with US commerce secretary Gina Raimondo to China in August—a trip she later recapped during a special event for subscribers.

    She’s also focused on building out The Information’s finance coverage, especially following their coverage of the Silicon Valley Bank crisis earlier this year. That was a “real eye-opener for me,” says Lessin, both in terms of how they were serving their audience—“a lot of subscribers said we saved them a lot of money,” she notes—and that they could compete on the finance beat, which she says has “led to a host of coverage around the banking sector overall.” Legacy media outlets like the Times, the Journal, and Bloomberg, says Lessin, are “going to be around forever,” but “they’re not as relevant” in “my world, and I think in business,” because of the size of the audience they aim to serve. “That model really limits how indispensable you can be, especially to a certain class of reader,” says Lessin.

    Among that targeted class is Jeff Bezos. “I read it all the time and have been a subscriber for years,” the Amazon founder told me in an email. “Jessica has done a terrific job. Always insightful on tech.” Another longtime subscriber is Netflix cofounder Reed Hastings. “Check it every day,” he tells me, noting that he’s “thrilled from a business-model standpoint that she’s succeeded”—he is, after all, “a subscriber guy”—but “as a reader, what I care about is the thoughtfulness. She curates amazing reporters, and the pieces, from my perspective, are written in-depth, as opposed to clickbaity. Probably subscription is the key to that because then they don’t get paid on clicks,” says Hastings. “People care enough about the stories to continue to renew.”

    Lessin maintains full ownership of the company and says she has no plans to sell. “I’m in this for the long term,” she says, a view that she says has been key to the site’s success. “You need the talent, you need the right business model, and kind of that alignment that we’re not going to go chase the latest fancy revenue thing,” she says. “Over the course of the 10 years, I’ve seen every legacy publication build a Snapchat team, and then a TikTok team, and then a video team. We built none of those teams and instead hired journalists or paid our journalists what they were worth. It’s a different formula, and it takes a lot of patience.”

    It’s worth noting that Lessin used her own money—“less than $1 million,” she previously said—to start The Information. Her father is a partner at the private equity giant TPG, and her husband, the tech entrepreneur Sam Lessin, won big on Facebook stock he received when Harvard pal Mark Zuckerberg bought his start-up in 2010. And there’s a perception that Lessin has worked to distance herself from—that she’s too close to the people she covers. Her personal relationship with Zuckerberg, for one, has come under scrutiny. “You learn to have dinner with people one night and then edit a tough but true piece about them the next day,” Lessin says, when I asked about the dynamic. “That’s what we do time and time again.”

    “Finding the truth and telling people why it matters is a fabulous business. It’s just really hard.” That’s why, she suggests, others haven’t been able to figure it out in the same way. “They don’t want to sit in a closet during Thanksgiving taking source calls,” she tells me.

    [ad_2]

    Charlotte Klein

    Source link

  • Amazon hires three rocket launches from Musk’s SpaceX

    Amazon hires three rocket launches from Musk’s SpaceX

    [ad_1]

    Amazon.com Inc.
    AMZN,
    +0.64%

    said Friday it has hired Elon Musk’s SpaceX for three Falcon 9 rocket launches to support deployment plans for Project Kuiper, Amazon’s low Earth orbit satellite broadband network. The deal, the first between the companies, is considered a surprise since the Kuiper system is likely to compete with SpaceX’s Starlink in the satellite broadband market. Amazon previously ordered launches from three of SpaceX’s top rocket rivals, including Jeff Bezos’ Blue Origin. Amazon declined to comment on terms of the new deal with SpaceX.

    [ad_2]

    Source link

  • What Does Anna Wintour Know?

    What Does Anna Wintour Know?

    [ad_1]

    We all have a hill that we’ll gladly die on. My roommate routinely goes on tirades about how no movie should be over 90 minutes (sorry, Scorcese). A lot of people on the internet are currently committed to the hill (read: conspiracy theory) that Kylie Jenner and Timothee Chalamet are a PR stunt engineered by Kris.

    I’ve said it once and I’ll say it over and over for the rest of my life: mine is that the Kim and Kanye Vogue cover of September 2014 caused a major vibe shift.


    This, to me, is the first cultural domino to fall and we’re still living in its aftermath. It’s the hill I hope they bury me on. So let me explain.

    The September issue of Vogue is a big deal. It’s an extra thick, extra coveted issue because it’s usually the highest circulation month and advertisers literally fight — and bribe — for their spots in it. So do models, celebrities, and brands. Therefore, the unveiling of the September cover is always a big deal. In 2014, Vogue took a giant gamble: putting Kim and Kanye on the cover to celebrate their wedding.

    These days, a Kim K cover would be a no-brainer — she was just GQ’s Man of the Year, for example, and posed on the cover with a bag of Cheetos — and a Kanye cover would be unfathomable — he’s in Wyoming somewhere, canceled. But in 2014, Kanye was a certified rap royalty and Kim Kardashian was still only known for her reality show and penchant for bandage dresses.

    Almost a decade ago now (do you feel old yet?), the cultural landscape was completely different. Rap music, for example, had been popular for years but was only just going from a fringe genre to a welcomed part of the mainstream. So, although Kanye was a household name, he was a surprising choice for the cover. His fashion foray, Yeezy, was still getting its sea legs and not yet the giant it would become. And as for Kim? She was pretty much a joke.

    But this Vogue cover changed it all. People were outraged— saying Vogue had lost the plot and that it was going downhill — but Anna Wintour stuck to her guns. She took a risk, made a bet that KimYe would be fashion’s next hottest couple, and, against all odds, she was right.

    After that cover, fashion changed. So did culture itself. Slowly but surely, we entered the streetwear and hypebeast era. Ruled by sneakers and sweatsuits, this era embraced a hip-hop-inspired take on fashion that contrasted with the business-casual attire of the late 2000s and the millennial hipster chic of the early 2010s. Supreme became the hottest brand on the market. Sweatpants became acceptable club attire. And meanwhile, KimYe was proving Anna Wintour right one Yeezy ensemble at a time.

    Anna’s gamble also foreshadowed how intertwined fashion would become with celebrity culture. These days, front rows of fashion shows are filled with actors, singers, and internet personalities over editors and industry vets. Budding industry darlings make names for themselves by becoming “fashion girls” and partnering with brands like Loewe, Schiaparelli, and Jacquemus. Even Kylie Jenner just launched a fashion line — maybe we’ll see her grace the cover of Vogue next.

    But now, Anna has taken yet another risk.

    Out of nowhere, just days ago, Vogue Magazine posted a very surprising pair on social media: Amazon billionaire CEO Jeff Bezos and his new wife Lauren Sanchez.

    The write-up was even weirder. From comparing Bezos to Iron Man (he wishes) to revealing that Lauren once outbid Kim Kardashian on a dress for $200,000… this Vogue spread felt like a paid advertisement for Jeff Bezos’s mid-life crisis. Don’t get me wrong, I love it when hot girls have post-divorce revenge eras — like Em Rata or even Jeremy Allen White — but Jeff Bezos? We can’t give him the validation.

    And I’m not alone in thinking this. Vogue readers were fuming. Just check the comment section or the TikTok video essays. In the court of public opinion, billionaire Bezos is not winning. Some readers asked how much Bezos was shelling out for this profile, while others pointed out that Mackenzie Scott, his ex-wife who has committed to donating her fortune, would have been a better feature.

    But I can’t help but wonder: what does Anna Wintour know? Could another vibe shift be imminent? Now that we’re used to seeing celebrities leverage fashion in service of their fashion brand, will we be seeing tech moguls and billionaires do the same? Next thing you know, Elon Musk will be the face of Balenciaga and all the tech kingpins will stop trying to go to space and instead try to score invites to the Met Gala and Vogue World.

    If that’s where all this is headed, it’s looking pretty bleak. Not to undermine Anna’s judgment, but in this scenario, I hope she’s wrong.

    [ad_2]

    LKC

    Source link

  • Jeff Bezos fund donates $117 million to support homeless charities. Here are the recipients.

    Jeff Bezos fund donates $117 million to support homeless charities. Here are the recipients.

    [ad_1]

    Teen CEO of nonprofit helps homeless youth at local schools


    Teen CEO of nonprofit helps homeless youth at local schools

    02:08

    Amazon founder Jeff Bezos’ fund to support homeless families announced $117 million in new grants on Tuesday to organizations across the U.S. and Puerto Rico, part of a $2 billion commitment that the billionaire made in 2018 to support homeless families and to run free preschools.

    That brings the amount granted by the Bezos Day 1 Families Fund to benefit homeless families to almost $640 million.

    Bezos’ partner, former news anchor Lauren Sánchez, who is also the vice chair of the Bezos Earth Fund, thanked the grantee organizations in a video posted to both her and Bezos’ social media accounts.

    Bezos, the world’s third richest person with a fortune of $170 billion, last year told CNN he planned to donate much of his fortune to charity over his lifetime. That came after Bezos had come under fire for what critics said was a lack of philanthropic initiatives, especially amid the charitable activities of his ex-wife, Mackenzie Scott. 

    Scott, who divorced Bezos in 2019, is the world’s 39th richest person with a fortune of $34 billion, according to the Bloomberg Billionaires Index.

    The Bezos Day 1 Families Fund did not give a timeframe for when the pledged $2 billion would be distributed or what portion would go to homeless families.

    Bezos stepped down as CEO of Amazon in 2021 to spend more time on his other projects, including the rocket company, Blue Origin, and his philanthropy. Bezos and Sánchez have not signed the Giving Pledge, which asks billionaires to make a similar commitment.

    Flexible grants

    The Salvation Army of Greater Charlotte received a second grant this year after first being awarded $5 million by the fund in 2018. Deronda Metz, director of social services, said they can use the funding in more flexible ways than the government grants they receive, including the renovation of a 100 room hotel, hiring additional staff and expanding the facility for an on-campus Boys & Girls Club.

    Rents rose sharply in her city following the pandemic, as it did in many cities, meaning that more families are losing their housing and that the cost of getting them into apartments has risen, she said.

    “When you have flexible dollars in a rental market like this, you could pay your high rent, you could pay a higher deposit,” Metz said.

    Here are the 38 recipients

    • Abode Services, Fremont, CA — $5 million
    • American Indian Community Development Corporation (AICDC), Minneapolis, MN — $5 million
    • ARVAC Inc., Russellville, AR — $1.25 million
    • BronxWorks, New York, NY — $5 million
    • Bolivar County Community Action Agency, Inc., Cleveland, MS — $1.25 million
    • Catholic Charities of the Archdiocese of Miami, Inc., Miami, FL — $5 million
    • Catholic Community Services of Western Washington, Seattle, WA — $5 million
    • Champlain Valley Office of Economic Opportunity, Burlington, VT — $5 million
    • Community Action Partnership of Kern, Bakersfield, CA — $5 million
    • Community of Hope, Inc, Washington, DC — $3.75 million
    • Council for the Homeless, Vancouver, WA — $5 million
    • Crossroads Rhode Island, Providence, RI — $5 million
    • Everyone Home DC, Washington, DC — $2.5 million
    • Family Promise of Athens, Athens, GA — $400,000
    • Family Promise of Cheyenne, Cheyenne, WY — $150,000
    • Family Promise of the Triangle, Raleigh, NC — $1 million
    • Family Service Lincoln, Lincoln, NE — $2.5 million
    • Hogar Ruth para Mujeres Maltratadas, Inc., Vega Alta, PR — $2.5 million
    • Hospitality House of Northwest North Carolina, Boone, NC — $2.5 million
    • Interfaith Community Services, Escondido, CA — $5 million
    • Ka Mana O Na Helu, Pearl City, HI — $2.5 million
    • La Fondita de Jesús, San Juan, PR — $2.5 million
    • Mid-Willamette Valley Community Action Agency, Salem, OR — $5 million
    • Native American Connections, Phoenix, AZ — $5 million
    • Neighborhood Place of Puna, Puna, HI — $2.5 million
    • Northern Circle Indian Housing Authority, Ukiah, CA — $2.5 million
    • Primavera Foundation, Tucson, AZ — $5 million
    • Shelter House, Inc, Fairfax, VA — $2.5 million
    • Stewpot Community Services, Inc., Jackson, MS — $1.25 million
    • Tarrant County Homeless Coalition, Fort Worth, TX — $2.5 million
    • Temporary Emergency Services, Inc., Tuscaloosa, AL —$1 million
    • The Salvation Army, Fort Myers Area Command, Fort Myers, FL — $2.5 million
    • The Salvation Army of Greater Charlotte, Charlotte, NC — $3.75 million
    • UMOM New Day Centers, Phoenix, AZ — $5 million
    • United Communities Against Poverty, Inc. (UCAP), Capitol Heights, MD • $1.25 million
    • United Way of Yellowstone County, Billings, MT • $2.5 million
    • Wisconsin Balance of State CoC, Eau Claire, WI — $1.25 million
    • YWCA Greater Cincinnati, Cincinnati, OH — $1.25 million

    [ad_2]

    Source link

  • Lauren Sanchez Gives Vogue Details on Jeff Bezos Engagement | Entrepreneur

    Lauren Sanchez Gives Vogue Details on Jeff Bezos Engagement | Entrepreneur

    [ad_1]

    Lauren Sánchez made headlines in 2019 when she and her fiance, Amazon founder Jeff Bezos, went public with their relationship, and she’s since made a name for herself in the world of philanthropy — and soon, space exploration.

    The former broadcast journalist and founder of aviation company Black Ops Aviation recently sat down with Vogue in a tell-all interview, where she shed light on her relationship with Bezos, her plans to travel out of the atmosphere, and how philanthropy plays a role in her life.

    On the lavishness of the couple’s upcoming nuptials

    “We’re still thinking about the wedding, what it’s going to be. Is it going to be big? Is it going to be overseas? We don’t know yet,” she told Vogue. “We’ve only been engaged five months!”

    Bezos, 59, and Sánchez, 53 were engaged in May in a private moment inside their home, something the public was not aware of at the time. Sánchez told the outlet that she found the engagement ring box underneath her pillow, which she found right before heading to bed.

    Related: Jeff Bezos’ Butterfly Coachella Shirt Is Going Viral

    Sanchez is aware, of course, of what marrying Bezos and his fortune entails, and how the financials of such a major commitment will play out. Bezos is currently the No. 2 richest man in the world with $166 billion, per Bloomberg.

    “I think there are a lot of opportunities that come with that, and I take those opportunities very seriously,” she said, noting that she will be taking Bezos’ last name. “We always look at each other and go, ‘We’re the team.’ So everything’s shared.”

    On space exploration

    Sánchez told Vogue that she will be traveling into space next year on Blue Origin’s New Shepard, though she left the details vague, noting that she will be flying alongside five (so far unnamed) women who are “paving the way.”

    Related: Jeff Bezos, Lauren Sanchez Cruise Through Italy on Superyacht

    She also tried to shed light on why Bezos is so passionate about space exploration, and justified the practice as an informative and educational tool instead of just a joyride throwaway for the extremely wealthy.

    “Jeff always says, ‘Building the road to space so that our children can build the future.’ And that’s what it’s about,” she explained. “Launch, land, repeat, over and over so that we can figure out how to have reusable rockets.”

    Jeff Bezos and Lauren Sánchez speak onstage during the IWMF Courage in Journalism Awards on October 23, 2023 in Washington, DC. (Photo by Kevin Mazur/Getty Images for IWMF)

    On the couple’s morning routine

    Sánchez said she and Bezos try to keep off their phones when they wake up.

    “We try not to get on our phones right away,” Sánchez says. “That’s what I’m working on.”

    And through recommendations of famous friends, such as Diane Von Furstenberg (who reportedly hosted the couple’s engagement party last weekend), the couple has started journaling.

    “We’re not quite there,” admits Sánchez. “We’ll do it, like, three days a week.”

    On philanthropy

    Sánchez, who now serves as the Vice Chair of the Bezos Earth Fund, also works with This Is About Humanity and the Bezos Day One Fund.

    Related: Jeff Bezos, Lauren Sanchez Make NYFW Debut Via Helicopter

    “We really want to do the most we can with the dollars that we put into things,” she said. “It’s not about just giving the money away. It’s about being involved … I think Jeff and I really are focusing on the long-term commitment to climate, and we’re extremely optimistic about it.”

    [ad_2]

    Emily Rella

    Source link

  • Starlink’s rapid growth and influence has made it an indispensable part of Elon Musk’s SpaceX

    Starlink’s rapid growth and influence has made it an indispensable part of Elon Musk’s SpaceX

    [ad_1]

    Elon Musk’s SpaceX is known for its frequent launches, which now dominate the space industry. But the satellites that the rockets send to space are just as important for the company as the launches. Starlink is SpaceX’s answer to providing global, high-speed internet coverage using a network of thousands of satellites buzzing around the planet in a region known as low Earth orbit (LEO), about 342 miles above the Earth’s surface.

    SpaceX launched its first batch of Starlink satellites in 2019. Adoption of the service has ballooned since then. The company has said Starlink has more than 2 million active customers and is available on all seven continents and in over 60 countries.

    “This growth is uncharacteristic in the sense of its magnitude. Whereas prior satellite service providers have ramped up to anywhere at most between 500,000 to a little bit over a million subscribers. And this has taken, you know, a ten-year period, Starlink’s race to 2 million subscribers has taken only the better part of two years,” says Brent Prokosh, a Senior Affiliate Consultant at Euroconsult.

    A Falcon 9 rockets launches a Starlink mission on January 20, 2021.

    SpaceX

    Experts estimate that the global market for consumer satellite services, including TV, radio, and broadband internet, was worth over $92 billion in 2022. And Starlink could be in a good position to capture a big piece of the market. Although initially conceived for the consumer segment, Starlink’s offerings have expanded to serve enterprise customers including in the maritime and aviation industries

    “Starlink’s importance to SpaceX overall as a company is imperative. Euroconsult estimates that, optimistically, by the end of 2023, this business of Starlink could represent upwards of 40% of SpaceX’s overall business. This total would be somewhere in excess of $3 billion generated from Starlink,” Prokosh says.

    Starlink has been praised for its ability to connect remote parts of the world that would otherwise not have access to reliable internet. The service has also become indispensable in areas hit by natural disasters, and, more recently, during times of conflict, particularly in the Russia-Ukraine war.

    “The big benefit of Starlink and how it’s being used in Ukraine today is communications. It’s providing a pathway for the military, for civilians to stay connected to the outside world. It allows a pathway for the military to communicate with each other and to provide command and control direction to their forces,” says Kari Bingen who is the Director of the Aerospace Security Project at the Center for Strategic and International Studies.

    Ukrainian forces set up Starlink satellite receivers to provide connection for civilians at Independence Square after the withdrawal of the Russian army from Kherson to the eastern bank of Dnieper River, Ukraine, on November 13, 2022.

    Metin Atkas | Anadolu Agency | Getty Images

    But Starlink’s growing influence is garnering condemnation from critics who say Musk is meddling in geopolitics. Meanwhile, the scientific community has its own concerns. 

    “The astronomical community got concerned about the first launch of the Starlink satellite a few years ago because the projection of the full constellation of several tens of thousands of satellites in low Earth orbit was immediately seen as an interference to both the optical observation and to radio observation,” says Piero Benvenuti, who is the Interim General Secretary, International Astronomical Union.

    To find out more about Starlink’s rapid expansion and if it can continue, watch the video.

    [ad_2]

    Source link

  • Jeff Bezos Moving to Miami, Bids Seattle Goodbye on Instagram | Entrepreneur

    Jeff Bezos Moving to Miami, Bids Seattle Goodbye on Instagram | Entrepreneur

    [ad_1]

    Amazon founder Jeff Bezos is relocating from his longtime home in Seattle to the beachside city of Miami.

    In an Instagram post on Thursday, Bezos shared the news alongside a video from the Seattle garage where he established Amazon almost 30 years ago.

    “As exciting as the move is, it’s an emotional decision for me,” Bezos wrote. “Seattle, you will always have a piece of my heart.”

    The tech billionaire says he’s moving to be closer to his parents and the Cape Canaveral operations of Blue Origin LLC, Bezo’s space exploration company.

    Last month, Bezos purchased a seven-bedroom mansion in Miami for $79 million located next door to his other Miami mansion, a 2.8-acre home, which Bezos purchased in August for $68 million. Both homes sit in Indian Creek, a man-made barrier island in the Miami area known as the “Billionaire Bunker.”

    Along with his new Miami home — or homes? — Bezos has properties in Washington, D.C., New York City, Los Angeles, and Maui, along with a 300,000-acre ranch in Texas, which serves as the base for Blue Origin’s New Shepard rocket launch site.

    Indian Creek in Miami, Florida. Jeffrey Greenberg/Universal Images Group | Getty Images.

    As the world’s third richest person, Bezos boasts a net worth of $161 billion, according to the Bloomberg Billionaires Index.

    Bezos’ announcement came on the same day that the FTC released a new, less-redacted lawsuit against Amazon, revealing new details about the accusations against the tech giant, including claims that Bezos “directly ordered” the advertising team to intentionally inundate its search results with irrelevant “defect” ads as a means to “drive up Amazon’s advertising profits.”

    However, Amazon has refuted the accusations.

    “The claim that Amazon leadership directed employees to accept more advertising defects that would degrade the customer experience is grossly misleading and taken out of context,” Tim Doyle, an Amazon spokesman, told Entrepreneur.

    Related: Jeff Bezos Lost $5 Billion in 1 Day After Amazon FTC Lawsuit News

    [ad_2]

    Madeline Garfinkle

    Source link

  • Jeff Bezos to leave Seattle for Miami

    Jeff Bezos to leave Seattle for Miami

    [ad_1]

    Amazon founder Jeff Bezos is moving to the Sunshine State.   

    In a sentimental Instagram post Thursday, which included old footage of the very first Amazon office located in Bezos’ former garage in the Seattle suburb of Bellevue, the billionaire said he’s moving to Miami. His reasons for relocating include a desire to be closer to his parents; his partner, Lauren Sanchez; and Cape Canaveral, where operations for his space exploration company Blue Origin “are increasingly shifting,” according to the post.

    “As exciting as the move is, it’s an emotional decision for me,” Bezos said in the post. “Seattle, you will always have a piece of my heart.”

    Bezos established Amazon in Seattle in 1994, contributing to the city’s transformation into a vibrant technology hub. He helmed the company until 2021, at which time he stepped down as CEO to focus on other ventures, such as his aerospace company. 

    Influx of billionaires

    Bezos’ cross-country move comes months after the billionaire bought two South Florida mansions worth $79 million and $68 million, respectively, Bloomberg reported.  

    However, being close to friends and family won’t be the only perk to living in Miami for Bezos. The move could also save him loads of money on taxes. 

    Washington State, where Bezos currently lives, recently passed a 7% tax on capital gains, which could cost wealthy individuals like Bezos millions, according to the state’s Department of Revenue. Under that new tax, Bezos would owe $70 million in state taxes for every $1 billion of Amazon stock he sells, according to CNBC Wealth Reporter Robert Frank. 

    By comparison, Florida is one of nine states that does not have state income or capital gains taxes, according to Investopedia

    Several other ultra-wealthy individuals have recently made the move to Miami to take advantage of the state’s generous tax laws. Last year, Ken Griffin, the wealthiest man in Illinois, moved his family and his Chicago-based hedge fund to Miami. Hedge fund tycoons Dan Loeb and Josh Harris have also purchased palatial mansions in Miami Beach in recent years, Insider reported

    [ad_2]

    Source link

  • Centibillionaire Jeff Bezos moves to Florida, where his parents live—and capital gains are not taxed

    Centibillionaire Jeff Bezos moves to Florida, where his parents live—and capital gains are not taxed

    [ad_1]

    After launching Amazon from a garage in Seattle in 1994, centibilllionaire Jeff Bezos is leaving the Pacific Northwest behind and setting sail for Florida. 

    In an Instagram post, the world’s third wealthiest person—with a net worth estimated at $160 billion—said he wanted to be closer to my parents after they recently moved back to Miami. 

    “My parents have always been my biggest supporters,” he posted to his Instagram account, adding that his spacefaring company Blue Origin is increasingly shifting operations to Cape Canaveral. 

    Florida also offers a financial benefit to the Amazon founder—it doesn’t charge capital gains tax which, for a man who’s sold some $30 billion in stock since 2002, according to Bloomberg, can be quite substantial

    Feeling at home

    Even though Bezos said he’s relocating to Miami, not a whole lot will change for the owner of the Washington Post newspaper. He won’t need to scout the real estate market for a new residence, since he already reportedly bought in August a $68 million Miami mansion on the small, man-made island of Indian Creek popularly known as “Billionaires Bunker”. In October, he added his next-door neighbor’s $79 million property as well.

    But Miami is not the only place where Bezos lives. In addition to his collection of luxury cars and private Gulfstream jets, Bezos owns multiple properties valued recently at a half billion dollars.

    Washington’s historic tax

    His move may have something to do with a Washington state supreme court decision in March of this year to uphold a 7% tax on capital gains that took effect in January 2022 despite a legal challenge. 

    The ruling is considered historic since legislators in Olympia took the opposite view of the Internal Revenue Service: they classified the tax as an excise tax rather than an income tax in order to circumvent the fact that Washington state does not have an income tax under state law. A majority of voters in Seattle are now in favor of a similar capital gains tax for the city itself.

    Unlike most people, entrepreneurs and other ultra-high net worth individuals typically do not pay taxes on their personal earnings, since their wealth stems from assets rather than salaries and bonuses. 

    Instead, the IRS collects every time one of these assets is liquidated, a far more meddlesome issue for the super-rich. For this reason, Florida is popular among the billionaire class since the state does not impose its own levies on such disposals—as it has no income tax in the broader sense, either.

    Even if Bezos’ tax dollars are set to move from the Pacific Northwest, the centibillionaire said he would still leave something behind as a token of his appreciation: “Seattle, you will always have a piece of my heart.” 

    Oh and the city still gets to keep Amazon.

    [ad_2]

    Christiaan Hetzner

    Source link

  • Virgin Galactic launches fifth commercial flight to sub-orbital space and back

    Virgin Galactic launches fifth commercial flight to sub-orbital space and back

    [ad_1]

    Planetary scientist Alan Stern, who spearheaded NASA’s New Horizons mission to Pluto, enjoyed a spaceflight of his own Thursday, soaring to the edge of space and back aboard Virgin Galactic’s winged spaceplane, chalking up the company’s fifth commercial sub-orbital flight.

    Stern, researcher and STEM “influencer” Kellie Gerardi, Italian investment manager Ketty Maisonrouge, two Virgin Galactic pilots and a company trainer were carried aloft by a carrier jet that released the Unity spaceplane at an altitude of about 44,700 feet above the New Mexico desert.

    110223-launch2.jpg
    The hybrid motor powering Virgin Galactic’s Unity spaceplane ignites high above New Mexico Thursday, propelling the craft to the lower edge of space in the company’s tenth sub-orbital flight out of the discernible atmosphere.

    Virgin Galactic


    At the controls were Unity commander Michael Masucci and pilot Kelly Latimer, both veterans of earlier flights. Virgin astronaut trainer Colin Bennett joined the three passengers in Unity’s multi-window cabin.

    Seconds after release, Unity’s hybrid rocket motor ignited with a rush of flame, propelling the ship up on a near-vertical trajectory, accelerating to nearly three times the speed of sound.

    The motor then shut down and the crew enjoyed three to four minutes of weightlessness as Unity coasted up to an altitude of 54.2 miles — NASA recognizes 50 miles as the “boundary” between the discernible atmosphere and space — where it arced over and began the long fall back to Earth.

    During their brief sojourn in weightlessness, Stern and Gerardi collected data with five experiments primarily focused on the physiological aspects of microgravity.

    Stern wore a biomedical harness to monitor his body’s reaction to weightlessness and planned to practice procedures with a high-tech camera that will be used on a future NASA astronomical research mission. Gerardi planned to operate three experiments related to microgravity healthcare and fluid dynamics.

    110223-crew2.jpg
    Unity carried two Virgin Galactic pilots and a company astronaut trainer, along with three paying customers: researcher Alan Stern, back right at window, European investment manager Ketty Maisonrouge, front left, and STEM educator/researcher Kellie Gerardi, center. Virgin Galactic astronaut trainer Colin Bennett is just out of view at bottom right.

    Virgin Galactic


    A former chief of NASA’s science division and principal investigator with the agency’s New Horizons mission to Pluto, Stern was sponsored by the Southwest Research Institute where he now helps lead the space science division.

    “Our objective in developing requirements, procedures timelines and training runs is to maximize the value of this first spaceflight and to minimize risks to performance on the second flight while doing NASA experiment work,” Stern wrote before launch.

    “And while there is always more one could do, I believe we have a solid plan both for flight ops and for training to perform those that’s commensurate with the low cost of this mission. Of course, the proof of that will come at showtime, in space, high above southern New Mexico!”

    Gerardi’s trip was sponsored by the International Institute for Astronautical Sciences while her experiments were developed by the National Research Council of Canada. Maisonrouge is an investment manager who was born in Italy and grew up in Switzerland and France. She was among Virgin’s first customers, reportedly paying $250,000 for a seat back in 2005.

    As it began descending, Unity’s two swept-back wings rotated upward, or “feathered,” earlier in the flight, working as designed to properly orient the spacecraft, increase atmospheric drag and reduce the “loads” acting on the ship during re-entry.

    110223-earth-view.jpg
    The view from a short visit to sub-orbital space.

    Virgin Galactic


    Back in the lower atmosphere, the wings rotated back down parallel to the fuselage and the pilots guided the spaceplane, now flying as a glider, to touchdown on Spaceport America’s 12,000-foot-long runway just west of the White Sands Missile Range at 11:59 a.m. EDT.

    It was Unity’s 10th piloted flight above an altitude of 50 miles and Virgin’s fifth fully commercial flight in a row with paying customers aboard. Overall, Virgin Galactic has launched 49 company employees and commercial passengers in Unity’s 10 sub-orbital flights to date.

    Jeff Bezos’ Blue Origin, which has launched six sub-orbital flights with 32 passengers using its more traditional New Shepard rocket and capsule, is currently in a standdown while resolving a booster problem that occurred during an unpiloted microgravity research flight last year.

    Virgin Galactic’s next flight is planned for January. Blue Origin is expected to resume New Shepard flights before the end of the year.

    [ad_2]

    Source link

  • “What Do We Want to Be?”: The Washington Post at a Crossroads

    “What Do We Want to Be?”: The Washington Post at a Crossroads

    [ad_1]

    “The buyout program that the Post has created is neither as generous as the Post has made it out to be nor truly voluntary,” Post Guild leadership says in a statement. “The Post has refused to expand eligibility to all employees rather than targeting certain departments; provide continued access to health insurance; or bolster pensions for long-tenured employees.

    Guild leadership adds: “Our hard-working colleagues are going to lose their jobs because of the short-sighted business decisions made by management over the past few years.… The buyout program is funded almost entirely by Post employees’ retirement funds, and we will continue to demand a program that works for us.”

    Meanwhile, there’s been lingering frustration with Buzbee’s low-key leadership style and questions about her vision for the Post, concerns that have only intensified amid the news of the buyouts, a reversal of the unprecedented newsroom expansion that Buzbee has helped oversee. Growth, more than anything, seemed to be her mandate. Which makes it even more unclear what the mission will be once these cuts shake out. Some people have complained directly to Stonesifer that Buzbee is part of the problem, according to two staffers.

    “We have an editor who doesn’t know what she’s doing, a publisher who didn’t know what he was doing, and an owner who took his eye off the ball,” one of the staffers tells me.

    It took some effort to get Bezos to pay attention. His visit in January came as the relationship between Buzbee and Ryan had grown increasingly untenable, and just before he visited, I’m told, Buzbee personally reached out to Bezos to discuss the situation. (The Post declined to comment on Buzbee’s outreach to Bezos.) Around this time, Bezos was also alerted to the breakdown between the editor and publisher by Bob Woodward, the legendary Post journalist who helped break the Watergate scandal. Woodward and Bezos have known each other for decades; in 2013, when Bezos visited the Post shortly after becoming its new owner, the two had a private breakfast together, and Woodward has publicly acknowledged that he’s communicated with him about the Post’s recent troubles.

    When Bezos bought the paper in 2013, he said he sought to “figure out a new golden era at the Post,” in which it needed “not just to survive, but to grow.” The aspiration seemed to be to become the world’s leading news site, a mission echoed in the 2021 appointment of Buzbee, who’d spent her whole career at the Associated Press. “I came to the Post at the right time where it’s trying to become more of a global news organization,” Buzbee told me one year into her tenure. Ryan, then still publisher, told me the newsroom “added more roles”—over 150—”since she arrived in a single year than any year in our history.” Buzbee was trying to make the rest of the paper as strong as her predecessor Marty Baron had made national politics and investigations, creating two new departments, climate and wellness, and prioritizing technology and international news.

    During the latest town hall, National editor Matea Gold, said a goal for 2024 was owning coverage about “politics, our divided nation, and threats to democracy”—but then rattled off a bunch of other corners of the newsroom, including sports, health and science, as well as culture, arts, media, and entertainment. As one Post reporter put it to me, “We thought they were probably just going to come out and say that all they cared about was politics. Instead, they said we care about all of you, but then couldn’t articulate a vision for what that meant.”

    The Post’s national political coverage remains strong, but Joe Biden’s White House has made for comparatively dull reading following the leaky Trump team, rife with backstabbing and infighting that played out in the press. “We knew we’d lose some folks with Trump, but…we thought we’d be able to hold onto them, that the quality of the work we were doing in other areas would hold them. It didn’t hold,” Stonesifer told staff when she announced the staff reductions last month. (Not to mention, the Post—already competing against the likes of the Times, Politico, and Axios during the Trump years—is now also facing stiff competition on the congressional front from Punchbowl, whose cofounder, Jake Sherman, was just profiled this week in the Post’s own Style section.)

    “The Post still gets plenty of wins, but not as many as before, and the leadership doesn’t seem to know what they want to do,” says one staffer. “More than anything, 2024 has to be the year where someone at the Post at a senior level delineates: What do we want to be?” says another staffer. “Are we going to have a business plan that hinges on politics and scales back other things? Are we going to acquire new things? There’s gotta be some answers on things that are above reporters’ pay grades.”

    The Post hasn’t been shy about the need to increase traffic and subscriptions, as Stonesifer and Buzbee have both acknowledged in the town halls. Digital subscribers, currently 2.5 million, dropped more than 15% since 2021, according to the Post, and overall digital audience declined by 28% over the same period. Recently, the Audience team has been closely studying audience and traffic on a desk-by-desk basis, I’m told, putting together presentations for various teams—called “desk dives”—in which they discuss trendlines for the section and what readers are looking for.

    Bezos himself gave staff a statement of editorial priorities last month, when he put out a rare note to the newsroom following “an invigorating 48 hours” at the paper. He shouted out the “great and important work from members of our Ukraine reporting team, the Climate team, Politics team, Opinions, and Well+Being” that he learned about during his visit. Notably, areas expected to be most affected by the buyouts—such as Metro, which the Post is aiming to trim by nearly a quarter, as well as audio and video teams—were not mentioned.

    [ad_2]

    Charlotte Klein

    Source link

  • Jeff Bezos Purchases a Second Florida Estate For $78 Million | Entrepreneur

    Jeff Bezos Purchases a Second Florida Estate For $78 Million | Entrepreneur

    [ad_1]

    Billionaire Jeff Bezos’s latest real estate purchase hits quite literally close to home.

    According to Bloomberg, Bezos purchased a $79 million estate in Indian Creek, Florida with a very familiar neighbor — himself.

    Indian Creek, which has been dubbed “Billionaire Bunker,” is a 300-acre island village in Miami-Dade County with only 41 residential home lots. Amazon’s founder must love the neighborhood — in June, he bought the neighboring property for an estimated $68 million.

    An aerial view of Miami Beach, Florida including Indian Creek and Alison Island (Getty Images)

    Bezos’ newest purchase sits on 1.8 acres and was last sold for $28 million in 2014.

    Related: Report: Jeff Bezos Scoops Up $68 Million Estate in Lavish Florida Community

    Not much is known about the property other than it was built in 2000, has seven bedrooms, and was last listed in May for $85 million.

    According to a person familiar with the matter, the billionaire could “still make other purchases in the area,” per Bloomberg.

    Indian Creek is home to other notable figures including investor Carl Icahn, football legend Tom Brady, and Jared Kushner and Ivanka Trump.

    Bezos is not shy when it comes to scooping up lavish real estate.

    Related: Report: Jeff Bezos Purchases Massive Hawaiian Compound for Estimated $78 Million

    The Blue Origin founder snatched up a $165 Beverly Hills compound in 2020 and a Hawaiian estate for $78 million in 2021.

    As of Friday afternoon, Bezos’ net worth was an estimated $156 billion.

    [ad_2]

    Emily Rella

    Source link

  • Who Is Jeff Bezos? Inside the Billionaire’s Career Path, Life | Entrepreneur

    Who Is Jeff Bezos? Inside the Billionaire’s Career Path, Life | Entrepreneur

    [ad_1]

    This article originally appeared on Business Insider.

    Jeff Bezos is one of the most recognizable names in business.

    The 59-year-old tech titan worked at a hedge fund before he left to start Amazon as an online bookseller, ultimately growing it into one of the world’s largest companies by revenue. He’s also founded space tourism company Blue Origin, which has flown him to the edge of space.

    He’s a fixture in the world’s wealthiest list; currently, Bezos is the third-richest person in the world with a net worth of $158 billion, according to the Bloomberg Billionaires Index.

    With all of his wealth, Bezos has made some splashy purchases. He’s the 24th-largest landowner in the US with 420,000 acres, according to the 2022 Land Report, with a real estate portfolio boasting mansions in Hawaii, California, Florida, and more. Bezos also owns the world’s biggest sailing yacht, a 417-footer that cost an estimated $500 million.

    From his first job flipping burgers at McDonald’s to building Amazon into a trillion-dollar company at one point, here’s a look at Jeff Bezos’ life and career.

    Allana Akhtar and Avery Hartmans contributed to an earlier version of this story.

    Jeff Bezos’ mom, Jackie, was a teenager when she had him on January 12, 1964.

    Jeff Bezos with his father, Miguel “Mike” Bezos. Kevin Mazur/Getty Images for Statue Of Liberty-Ellis Island Foundation

    She had recently married Cuban immigrant Miguel Bezos, who later adopted Jeff.

    Jeff didn’t learn that Miguel, who often goes by Mike, wasn’t his real father until he was 10 years old, but he told Wired he was more fazed about learning he needed to get glasses than he was about the news.

    In 1968, his mother told his biological father, Ted Jorgensen, who previously had worked as a circus performer, to stay out of their lives.

    When author Brad Stone interviewed Bezos’ biological father for his 2013 book, “The Everything Store,” Bezos’ dad had no idea who his son had become.

    Bezos showed signs of brilliance from an early age.

    When he was a toddler, he took apart his crib with a screwdriver because he wanted to sleep in a real bed, according to an account in the book “The Everything Store.”

    From ages four to 16, Bezos spent summers at his grandparents’ ranch in Texas, doing things like repairing windmills and castrating bulls.

    jeff bezos young 1999

    Bezos said he would help vaccinate cattle, fix equipment, and do other chores while at his grandparents. AP Photo/Richard Drew via BI

    Decades later, Bezos purchased his own land in Texas. His acreage is used as the launch site for Blue Origin rockets.

    Bezos’ first job was cooking burgers at a McDonald’s in Miami.

    McDonald's.

    Bezos became interested in automation during his time at McDonald’s. Joe Raedle/Getty Images via BI

    Bezos described the gig at McDonald’s as “really hard” in a 2001 interview with Fast Company.

    “They wouldn’t let me anywhere near the customers. This was my acned-teenager stage. They were like, ‘Hmm, why don’t you work in the back?’” Bezos said.

    Bezos has cited his grandfather, Preston Gise, as an inspiration.

    jeff bezos

    Bezos said his grandfather was an intelligent, quiet man. AP Images via BI

    At a commencement address in 2010, Bezos said Gise taught him, “it’s harder to be kind than clever.”

    As a child, Bezos fell in love with reruns of the original “Star Trek” and became a fan of later versions too.

    star trek

    Bezos’ interest in space goes way back. Paramount Pictures via BI

    He even considered naming Amazon MakeItSo.com, a reference to a line from Captain Jean-Luc Picard, according to the book “The Everything Store.” Bezos also considered naming Amazon Cadabra.

    In 2016, Bezos even filmed a cameo in a “Star Trek” movie.

    At his South Florida high school, Bezos said he wanted to be a “space entrepreneur.”

    Jeff Bezos, founder of Blue Origin

    Bezos’ space company is called Blue Origin. Getty Images / Blue Origin via BI

    In school, Bezos would tell teachers that “the future of mankind is not on this planet.”

    Of course, he’s made that dream a reality: He now owns space exploration company Blue Origin.

    “I do think we have all our eggs in one basket,” Bezos said according to a Wired interview in 1999.

    To avoid spending a summer flipping burgers at McDonald’s, Bezos and his high school girlfriend started a summer camp.

    Jeff Bezos Thumb

    The name of Bezos’ summer cap was Dream Institute. Kim Kulish/Getty images via BI

    Dream Institute, an educational summer camp for kids, focused on science, math, and reading.

    The camp had six kids who each paid $600 for the session — though two of them were Bezos’ siblings. “The Lord of the Rings” series was required reading, and science lessons focused on fossil fuels and space, according to the 1999 Wired article.

    Upon graduating high school in 1982, Bezos matriculated at Princeton University, where he majored in computer science.

    Princeton University

    Princeton University. John Greim / Getty Images via BI

    Upon graduation, he turned down job offers from Intel and Bell Labs to join a telecommunications startup called Fitel, according to the book “The Everything Store.”

    After he quit Fitel, he went to Bankers Trust where he worked as a product manager.

    fax

    Bezos worked at Banker’s Trust for about two years. Karl Baron/Flickr via BI

    While at Bankers Trust, Bezos focused on selling software to pension-fund clients.

    He left Banker’s Trust after two years for hedge fund D. E. Shaw.

    David Shaw

    D.E. Shaw was founded by David Shaw, pictured. D.E. Shaw via BI

    He became a senior vice president after only four years, according to a Wired interview.

    Meanwhile, Bezos was taking ballroom dancing classes as part of a scheme to increase what he called his “women flow.”

    Ballroom dancing

    Bezos’ had an interesting dating strategy. Lisi Niesner/Reuters via BI

    The term was a play on Wall Street’s “deal flow” and referred to the number of opportunities he had to meet women.

    He ended up meeting his future wife, MacKenzie Scott Tuttle at work.

    Jeff Bezos + Mackenzie

    AP via BI

    MacKenzie Scott Tuttle was a D.E. Shaw research associate. The pair married in 1993 and they went on to have four kids together.

    By 1994, Bezos’s eye was on the internet, after reading about the web’s immense growth in one year.

    girl in bookstore

    Paul Falardeau via BI

    This number astounded him, and he decided he needed to find some way to take advantage of its rapid growth. He made a list of 20 possible products to sell online and decided books were the best option, according to “The Everything Store” book.

    He decided to leave D.E. Shaw — a stable and lucrative job — in 1994 to start what would become Amazon.

    amazon bezos

    Amazon CEO Jeff Bezos is silhouetted during a presentation of his company’s new Fire smartphone at a news conference in Seattle, Washington June 18, 2014. REUTERS/Jason Redmond via BI

    His boss at the firm, David E. Shaw, tried to persuade Bezos to stay, but Bezos was already determined to start his own company. Source: Wired

    MacKenzie and Jeff flew to Texas to borrow a car from his father, and then they drove to Seattle, which would become Amazon’s headquarters.

    jeff and mackenzie bezos

    Bezos worked on his business plan while the couple were driving across the country, according to Wired. Sara Jaye/Getty Images via BI

    Bezos was making revenue projections in the passenger seat the whole way, though the couple did stop to watch the sunrise at the Grand Canyon.

    Bezos started Amazon.com in a garage with a potbelly stove.

    Barnes and Noble store

    Bezos worked out of the garage of a rented house in Bellevue, Washington. Mike Segar/Reuters via BI

    He held most of his meetings at the neighborhood Barnes & Noble — which would soon become a competitor.

    In the early days, a bell would ring in the office every time someone made a purchase.

    jeff bezos young 2001

    AP Photo/Andy Rogers via BI

    Amazon’s employees would gather to see if anyone knew the customer.

    But it took only a few weeks before it was ringing so often that the company put an end to the bell, according to the book “The Everything Store.”

    In the first month of its launch, Amazon sold books to people in all 50 states and more than 45 different countries.

    amazon ipo jeff bezos

    Frank Micelotta/Getty Images via BI

    In 1997, less than three years after it was founded, Amazon went public on May 15.

    When the dot-com crash came, analysts called the company “Amazon.bomb.” But it weathered the storm.

    jeff bezos

    The dot-com bust didn’t kill Amazon. Mario Tama/Getty Images via BI

    The website ended up being one of the startups that wasn’t wiped out.

    Amazon has now gone beyond selling books to offering almost everything you can imagine.

    amazon warehouse

    Amazon has hundreds of fulfillment centers around the world. Shutterstock via BI

    The retailer offers, appliances, clothing, groceries, toiletries, and even cloud computing services.

    In the early days, Bezos was said to be a demanding boss.

    Jeff Bezos

    Bezos wasn’t always the easiest person to work with. Reuters via BI

    Bezos could explode at employees, and rumors circulated that he hired a leadership coach to help him tone it down. He also reportedly gave sarcastic responses when he was upset.

    At one point, Bezos banned PowerPoint presentations at Amazon.

    Pens and paper with the Amazon logo are seen at the logistics center in Brieselang, Germany November 17, 2015. REUTERS/Hannibal Hanschke

    Bezos Thomson Reuters via BI

    Instead, Bezos required his staff to turn in papers on their proposals. This, he believed, would encourage critical thinking.

    Bezos is also known for creating a frugal company culture.

    Amazon office 61

    An Amazon office. Business Insider

    This contrasts with other big tech firms, which offer free food and perks.

    Bezos told Business Insider in 2014 that Amazon did offer great amenities to its employees, but they just weren’t the same as other tech companies.

    More than 20 years after going public, Amazon now has a market cap of $1.4 trillion.

    Jeff Bezos

    Amazon has become one of the biggest companies in the world. Alex Wong/Getty Images via BI

    Amazon is one of the world’s five largest public companies.

    His time leading Amazon was not without controversy.

    Jeff Bezos

    Amazon has come under the spotlight many times. AP/Pablo Martinez Monsivais via BI

    During the COVID-19 pandemic, Amazon saw a surge in demand as more people were forced to shop online. But the company faced criticism over its treatment of workers, who said the company paid little attention to their health and safety at its fulfillment centers nationwide.

    Amazon delivery drivers, who are contractors employed by third-party companies, have also spoken out about the demands of their jobs. Some drivers say Amazon’s emphasis on metrics has forced them to use their delivery vans as bathrooms or sacrifice safety to deliver packages on time.

    Amazon has faced antitrust concerns, particularly over its treatment of third-party sellers on its platform. Bezos and other tech CEOs were called to testify before Congress in 2020.

    He’s also gotten rich as an early investor in Google

    Larry Page Sergey Brin

    Google cofounders Larry Page, left, and Sergey Brin, right. AP via BI

    Bezos invested $250,000 in Google. That translated to 3.3 million shares when the company went public in 2004.

    Today, that would be worth more than $400 million. Bezos hasn’t said whether he kept any of his stock after the initial public offering.

    Despite his high net worth, Bezos had the same annual base salary for decades while he was CEO: $81,840.

    Jeff Bezos Sun Valley

    Security and travel costs for Bezos totaled some $1.6 million in 2016. Drew Angerer/Getty Images via BI

    His annual total compensation for many years exceeded $1 million owing to costs related to security and business travel.

    In July 2017, Bezos became the world’s richest person for the first time.

    Jeff Bezos Bill Gates Tennis

    Bill Gates, left, and Jeff Bezos, right. Getty Images via BI

    He momentarily surpassed Microsoft founder Bill Gates with a net worth of more than $90 billion.

    Today, Bezos is worth $157 billion, and he said he will give most of his wealth to charity.

    Jeff Bezos

    Bezos has given to a number of causes. REUTERS/Abhishek N. Chinnappa via BI

    Some of his more notable contributions include pledging $10 billion to fight climate change through his Bezos Earth Fund, donating $200 million to the Smithsonian’s Air and Space Museum, and pledging $100 million towards recovery efforts on Maui, where he owns a $78 million home, following the catastrophic wildfires.

    But he’s also spending his money on other business pursuits.

    Jeff Bezos

    Amazon was not involved in the deal with The Washington Post. Chip Somodevilla/Getty Images via BI

    In August 2013, Bezos bought The Washington Post for $250 million.

    And he’s spent an unknown amount on the private space tourism company Blue Origin.

    Blue Origin

    Bezos made history with his rocket company. Blue Origin via BI

    The company made history in 2015 when it successfully launched a reusable rocket.

    The rocket, called New Shepard, traveled to an altitude of 62 miles.

    Bezos’ interest in flying has gotten him into trouble in the past.

    Jeff Bezos looking down

    Bezos cheated death in 2003. LINDSEY WASSON/Reuters via BI

    In 2003, Bezos almost died in a helicopter crash in Texas while scouting a site for a test-launch facility for Blue Origin.

    Over the years, Bezos has also built quite the real estate portfolio.

    Amazon plane Lake Washington

    Jeff Bezos owns all kinds of properties. Stephen Brashear/Getty via BI

    He is the country’s 24th largest landowner with 420,000 acres.

    In January 2017, Bezos was revealed as the anonymous buyer of the Textile Museum in DC’s Kalorama neighborhood.

    Jeff Bezos DC house

    The property dates back to 1912. AgnosticPreachersKid/Wikimedia Commons via BI

    The property sold for $23 million, and with nearly 27,000 square feet of living space, it is the largest home in Washington, DC.

    Bezos also owns five apartments at 212 Fifth Avenue in New York City.

    Madison Square Park

    Madison Square Park in New York City. Shutterstock via BI

    His most recent purchase was in 2021, when he paid a reported $23 million for a four-bedroom unit. He’s spent a total of $119 million on apartments in the building.

    In February 2020, Bezos became the new owner of the Warner Estate, a sprawling compound in Beverly Hills, California.

    Jeff Bezos Warner estate Beverly Hills

    The estate has a 13,600-square-foot mansion Los Angeles County/Pictometry via BI

    He purchased the property for $165 million, making it California’s most expensive real estate transaction at the time. Bezos bought the mansion from David Geffen, who had purchased it in 1990 for $47.5 million.

    In 2021, Bezos bought a home in Hawaii located in an isolated area on Maui’s south shore near lava fields.

    Maui Hawaii

    A home in Maui, Hawaii, although not the one Bezos purchased. ejs9/Getty Images via BI

    Bezos’ Maui home reportedly cost $78 million.

    Most recently, Bezos scooped up a $68 million waterfront mansion in Miami’s “billionaire bunker” island, Indian Creek Village.

    Jeff Bezos has reportedly purchased a waterfront mansion in Indian Creek, an artificial barrier island in Miami.

    Indian Creek was ranked the most expensive city in the US in 2021. Jeffrey Greenberg/Education Images/Universal Images Group via Getty Images; Karwai Tang/WireImage via Getty Images via BI

    The sale to Bezos was record-breaking on the island, which has also been home to Ivanka Trump and Jared Kushner, Tom Brady, and billionaire investor Carl Icahn.

    In January 2019, Bezos and his wife, MacKenzie, announced they were divorcing.

    Jeff Bezos MacKenzie Bezos

    The couple decided to split after more than two decades. Dia Dipasupil / Staff via BI

    “As our family and close friends know, after a long period of loving exploration and trial separation, we have decided to divorce and continue our shared lives as friends,” the couple wrote in the statement. “If we had known we would separate after 25 years, we would do it all again.”

    Jeff and MacKenzie announced on Twitter they had finalized the term of their divorce in April 2019.

    FILE PHOTO: 89th Academy Awards - Oscars Vanity Fair Party - Beverly Hills, California, U.S. - 26/02/17 – Amazon's Jeff Bezos and his wife MacKenzie Bezos. REUTERS/Danny Moloshok/File Photo

    MacKenzie was with Jeff before he ever started Amazon. Reuters via BI

    MacKenzie, who changed her last name to Scott, retained more than $35 billion in Amazon stock, making her one of the world’s richest women.

    Scott, whose net worth is $36 billion, has donated at least $14.5 billion since 2019, when she vowed to give away most of her fortune in her lifetime.

    Shortly after they announced their divorce, news broke that Bezos was dating TV host and helicopter pilot Lauren Sanchez.

    Lauren Sanchez Jeff Bezos

    Sanchez and Bezos originally met when both of them were still married. When they started dating is unclear. Simon Stacpoole/Offside/Getty Images via BI

    At the time, the National Enquirer said it had obtained texts and explicit photos the couple had sent to each other. The publication also said at the time that it had “raunchy messages” between Bezos and Sanchez.

    Bezos immediately launched an investigation into who had leaked his personal messages.

    Jeff Bezos

    Bezos’ head of security helmed the investigation. Drew Angerer/Getty Images via BI

    Soon after, he dropped a bombshell of his own: an explosive blog post accusing National Enquirer publisher AMI of trying to blackmail him.

    “Rather than capitulate to extortion and blackmail, I’ve decided to publish exactly what they sent me, despite the personal cost and embarrassment they threaten,” Bezos wrote.

    Since then, Bezos and Sanchez have had a whirlwind few years.

    jeff bezos lauren sanchez

    Sanchez and Bezos travel the world together. Reuters/Andrew Couldridge via BI

    The couple are often captured traveling around the world together. They’ve been spotted attending Wimbledon together, yachting with other moguls and celebrities, and vacationing in Saint-Tropez and St. Barths.

    Throughout the summer, they’ve frequently been spotted on Bezos’ new yacht.

    Distance shot of Jeff Bezos and Lauren Sanchez on a yacht.

    Bezos and Sanchez hanging out in Portofino. MEGA / Contributor / Getty Images via BI

    The ship, which cost an estimated $500 million to build, is 417 feet long and said to be the largest in the world. Bezos may have even put a sculpture of Sanchez on the bow of the ship.

    In May, multiple outlets reported that the pair had gotten engaged.

    Jeff Bezos wearing a grey suit and Laura Sanchez wearing a white one shoulder dress in 2022

    Jeff Bezos and Laura Sanchez in 2022. Jordan Strauss/AP via BI

    They marked the engagement with a party in August attended by guests like Bill Gates and Kris Jenner.

    In 2021, Bezos announced he would step down as Amazon’s CEO and transition to executive chairman after 27 years at the company’s helm.

    jeff bezos star trek

    Jeff Bezos was succeeded by Amazon executive Andy Jassy. Kevin Winter/Getty Images via BI

    Bezos said that he planned to spend more time on philanthropy — including the Bezos Earth Fund and his Day 1 Fund — as well as his two other major endeavors: The Washington Post and his rocket company, Blue Origin.

    That month, he took an 11-minute voyage to the edge of space aboard a Blue Origin spacecraft.

    Jeff Bezos Blue Origin

    The rocket had flown 15 times before, but this was it’s first time with people onboard. Isaiah J. Downing/Reuters via BI

    The trip marked his company’s first human spaceflight.

    He was accompanied by his brother, Mark; a Dutch teenager named Oliver Daemen; and Wally Funk, an 82-year-old aviator who trained to go to space in the ’60s but was ultimately denied the opportunity because she was a woman.

    Though Bezos remains the third-richest person in the world today, his wealth took a tumble last year.

    Jeff Bezos

    Jeff Bezos. AP Photo/Patrick Semansky, File via BI

    In Forbes’ annual ranking of the world’s wealthiest individuals, Bezos came out as the biggest loser: His net worth fell $57 billion from March 2022 to March 2023 but still sat at a cool $114 billion at the time.

    Amazon’s stock fell 50% in 2022, and it became the first public company to ever lose $1 trillion in market value. Don’t feel too bad for him — with Amazon’s stock bouncing back this year, Bezos’ wallet has largely recovered.

    [ad_2]

    Sarah Jackson

    Source link