Jeff Bezos steps down as Amazon CEO after building an empire
Jeff Bezos steps down as Amazon CEO after building an empire
3:50

Jeff Bezos steps down as Amazon CEO after building an empire

Tech Industry
The world's richest man is calling it a day. Jeff Bezos, the founder of Amazon has announced he is stepping down as CEO of the company. [MUSIC] In a statement on the Amazon Website, Bezos announced the news and confirmed that Andy Jassy, the CEO of Amazon's cloud computing business, Amazon web services would be taking the reins. Jesse will take on the position of CEO in the third quarter of 2021, leaving Bezos to transition to executive chair of the Amazon board. It's the end of an era for Amazon and for one of the titans of the tech world. While Bezos is now the world's richest man, and Amazon is one of the world's biggest businesses. The company started in the early days of the internet, when the idea of selling books online was quite novel. If anybody had predicted what would happen, they would have needed to have been immediately institutionalized. So It is surprising in the last two years we've gone from having a million customers to over 10 million magnets over 12 million customers. And we definitely didn't predict it. Bezos famously founded Amazon in his garage in 1994 using money borrowed from his parents. He said in his early days when he was meeting with investors, the most common question he got was what's the internet, but within a few years, Amazon had grown as shoppers flocked online. [MUSIC] Back in the 90s shopping on Amazon was a low fi experience compared to Today, the warehouses were staffed by young people in headphones searching for books from small stacks on shelves. Compare that to today's high tech operation where automation is key. But with that rapid growth Amazon has also faced its share of controversies. The company has come under fire for mistreating employees with reports of worker injuries. Firing of activist employees and harsh treatment of staff by managers. The pandemic also exacerbated the concerns of workers who demanded that Amazon protect them from the risks of COVID-19. Amazon confirms the first case of COVID-19 in a warehouse worker in March 2020. At the very start of the pandemic, bleeding workers to call to better conditions and more paid time off. But as the world went into lockdown, and shoppers were forced to go online for everything from home office gear to groceries, Amazon has seen huge growth. The company reported net sales of more than $125 billion in the fourth quarter of 2020, up 44% from the same period the year before. As Jeff Bezos announced his departure, Amazon stock was close to an all time high and Bezos, his net worth stood at more than $196 billion. [MUSIC] Still, Amazon's sheer size and power has come under increased scrutiny in 2020. Bezos was called to appear before in a stark antitrust hearing in Congress. Lawmakers grilled the billionaire about predatory business practices and whether Amazon copied its competitors to try and squeeze them out of the market. Those battles with regulators aren't over for Amazon now that Bezos is out of the top job. Incoming CEO Andy Jesse will still have to face tough questions about Amazon's market power and the rights of the workers that have built the company into the retail megaforce it is today. [MUSIC]. Still, there's no doubt that Jeff Bezos is one of the founding fathers of Silicon Valley. The company that he started in his garage more than 25 years ago, is now a driving force in e commerce and the names synonymous with online shopping. As Jeff Bezos takes a backseat, it's clear that these tech giant isn't going anywhere.

Up Next

Apple and Disney's Unique Bond: Why Vision Pro Needs the Mouse
240411-site-can-disney-save-the-apple-vision-pro-v1

Up Next

Apple and Disney's Unique Bond: Why Vision Pro Needs the Mouse

The Ocean Cleanup's System 03 Collects Plastic Pollution at Record Levels
The Ocean Cleanup System 03

The Ocean Cleanup's System 03 Collects Plastic Pollution at Record Levels

Latest iOS 18 Rumor Roundup: New Designs, AI Tricks
240404-yt-omt-ios-18-siri-ai-v06

Latest iOS 18 Rumor Roundup: New Designs, AI Tricks

Apple to Talk AI in June: This WWDC Is a Big Deal
240328-yt-omt-wwdc24-v07

Apple to Talk AI in June: This WWDC Is a Big Deal

What Google Gemini AI on the iPhone Could Look Like
240321-site-apple-and-gemini-ai

What Google Gemini AI on the iPhone Could Look Like

Microsoft Surface Pro 10, Surface Laptop 6 Are Here
240320-site-microsoft-surface-pros-first-look-v2

Microsoft Surface Pro 10, Surface Laptop 6 Are Here

Everything Just Announced at Google's AI Health Event
sc-googlehealthai-00-02-29-25-still001

Everything Just Announced at Google's AI Health Event

Everything Just Revealed at Nvidia's GTC AI Conference
nvidiastill

Everything Just Revealed at Nvidia's GTC AI Conference

Nvidia Reveals Omniverse Cloud Streams to the Vision Pro
nvidia-vision-pro-image

Nvidia Reveals Omniverse Cloud Streams to the Vision Pro

Nvidia Shows Project GROOT and Disney Bots at GTC Conference
robot-2

Nvidia Shows Project GROOT and Disney Bots at GTC Conference

Tech Shows

The Apple Core
apple-core-w

The Apple Core

Alphabet City
alphabet-city-w

Alphabet City

CNET Top 5
cnet-top-5-w

CNET Top 5

The Daily Charge
dc-site-1color-logo.png

The Daily Charge

What the Future
what-the-future-w

What the Future

Tech Today
tech-today-w

Tech Today

Latest News All latest news

We Revisit the iPhone 15 Pro Max, 7 Months After Its Launch
iphone-15-pro-max-7-months-later

We Revisit the iPhone 15 Pro Max, 7 Months After Its Launch

2025 Audi Q6, SQ6 E-Tron: Audi's Newest EV Is Its Most Compelling
cnet-audiq6

2025 Audi Q6, SQ6 E-Tron: Audi's Newest EV Is Its Most Compelling

Apple and Disney's Unique Bond: Why Vision Pro Needs the Mouse
240411-site-can-disney-save-the-apple-vision-pro-v1

Apple and Disney's Unique Bond: Why Vision Pro Needs the Mouse

Sony ULT Wear Headphones Review: Evolution of Extra Bass
site-sonyultheadphone-v3

Sony ULT Wear Headphones Review: Evolution of Extra Bass

Humane's AI Pin: Unboxed and Tested
240409-site-humane-ai-pin-review-v2

Humane's AI Pin: Unboxed and Tested

Xiaomi 14 Ultra Review: The Best Camera Phone I've Ever Used
240404-yt-xiaomi-14-ultra-camera-for-pro-v08

Xiaomi 14 Ultra Review: The Best Camera Phone I've Ever Used

Most Popular All most popular

First Look at TSA's Self-Screening Tech (in VR!)
innovation

First Look at TSA's Self-Screening Tech (in VR!)

Samsung Galaxy S24 Ultra Review: More AI at a Higher Cost
240123-site-samsung-galaxy-s24-ultra-review-4

Samsung Galaxy S24 Ultra Review: More AI at a Higher Cost

'Circle to Search' Lets Users Google From Any Screen
circlesearchpic

'Circle to Search' Lets Users Google From Any Screen

Asus Put Two 14-inch OLEDs in a Laptop, Unleashes First OLED ROG Gaming Laptop
asus-preces-00-00-25-11-still003

Asus Put Two 14-inch OLEDs in a Laptop, Unleashes First OLED ROG Gaming Laptop

Samsung Galaxy Ring: First Impressions
samsung-galaxy-ring-clean

Samsung Galaxy Ring: First Impressions

Best of Show: The Coolest Gadgets of CES 2024
240111-site-best-of-ces-2024-1

Best of Show: The Coolest Gadgets of CES 2024

Latest Products All latest products

2025 Audi Q6, SQ6 E-Tron: Audi's Newest EV Is Its Most Compelling
cnet-audiq6

2025 Audi Q6, SQ6 E-Tron: Audi's Newest EV Is Its Most Compelling

Hands-On with Ford's Free Tesla Charging Adapter
pic3

Hands-On with Ford's Free Tesla Charging Adapter

Nuro R3 is an Adorable Self-Driving Snack Bar
240320-site-nuro-r3-first-look-v1

Nuro R3 is an Adorable Self-Driving Snack Bar

First Look: The $349 Nothing Phone 2A Aims to Brighten Your Day
240304-site-nothing-phone-2-first-look-v3

First Look: The $349 Nothing Phone 2A Aims to Brighten Your Day

Best of MWC 2024: Bendable Screens, AI Wearables and More
240229-site-best-of-show-at-mwc

Best of MWC 2024: Bendable Screens, AI Wearables and More

This Concept Laptop from Lenovo Has a Transparent Display
240225-site-lenovo-translucent-laptop-concept-v3

This Concept Laptop from Lenovo Has a Transparent Display

Latest How To All how to videos

How to Watch the Solar Eclipse Safely From Your Phone
screenshot-2024-04-03-at-15-47-11.png

How to Watch the Solar Eclipse Safely From Your Phone

Windows 11 Tips and Hidden Features
240311-site-windows-11-hidden-tips-and-tricks-v2

Windows 11 Tips and Hidden Features

Vision Pro App Walkthrough -- VisionOS 1.0.3
VisionOS 1.0.3

Vision Pro App Walkthrough -- VisionOS 1.0.3

Tips and Tricks for the Galaxy S24 Ultra
240216-site-galaxy-s24-ultra-tips-and-hidden-features-2

Tips and Tricks for the Galaxy S24 Ultra

TikTok Is Now on the Apple Vision Pro
tiktok-on-vision-pro-clean

TikTok Is Now on the Apple Vision Pro

Get Your TV Ready for the Big Game: Super Bowl Setup Tips
superbowl-tv-settings-thumb1

Get Your TV Ready for the Big Game: Super Bowl Setup Tips