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Why Jeff Bezos has this magazine of 2006 framed. It isn’t because he’s on the cover

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Amazon founder and the third richest person in the world Jeff Bezos has recently revealed that he has a magazine framed up. And yes, it is not because he made it to the cover.

The November 13, 2006 edition of BusinessWeek’s cover story was “Jeff Bezos’ Risky Bet,” — the first major media account of Bezos’ thinking behind Amazon Web Services (AWS).

The article included the opinion of a Wall Street analyst who thought it would be better if Bezos “would just mind the store”.

Fifteen years later, the AWS generated more than $62 billion in revenues.

“I have this old 2006 BusinessWeek framed as a reminder. The “risky bet” that Wall Street disliked was AWS, which generated revenue of more than $62 billion last year,” Bezos tweeted.

When a Twitter user commented that the reporter Robert D. Hoff did not know how wrong he was, Bezos came to his defence.

“No, not really like that. He (Rob Hof) was just reporting accurately the general Wall Street sentiment. In fact, same reporter wrote a follow up ten years later. That kind of follow up is pretty rare in my experience and commendable (sic),” he responded.

According to Forbes, AWS  was “the unlikely offspring of a retail company, AWS has managed to outmaneuver computing and Internet giants from Microsoft and Google to IBM and Oracle.”

In fact, the sale of AWS was up 37 per cent in Q1 on top of the growth in 2021 of 32 per cent.

“The pandemic and subsequent war in Ukraine have brought unusual growth and challenges,” Andy Jassy, CEO of Amazon, had said on April 28. “With AWS growing 34 per cent annually over the last two years, and 37 per cent year-over-year in the first quarter, AWS has been integral in helping companies weather the pandemic and move more of their workloads into the cloud.”

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Source: www.moneycontrol.com

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