Why Jeff Bezos holds a ‘reminder’ that AWS was once just a ‘risky bet’


Some people have framed diplomas. Others have framed photos with celebrities. Jeff Bezos owns a framed 16 year old copy of Businessweek magazine.

On Wednesday, the Amazon founder tweeted a photo of the November 2006 cover of the magazine, which featured a photo of Bezos aged 42 behind the caption “Amazon’s Risky Bet.” The cover story was about why Wall Street executives doubted Amazon Web Services, then a brand new on-demand cloud computing service, would ever succeed.

“I’ve framed this old BusinessWeek from 2006 as a reminder,” Bezos, now 58, wrote in the tweet. “The ‘risky bet’ Wall Street didn’t like was AWS, which posted more than $62 billion in revenue last year.”

In 2006, Amazon was worth just $10 billion, according to Businessweek — and investors and analysts “lost confidence in Bezos’ promises.” The article called out Bezos for having an ill-timed spending “spree,” noting that his investments in emerging technologies like cloud computing have increased 52% since January…

Source link

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.