Apple Urges Investors to Reject Proposal to End Diversity Programs.
A conservative think tank is urging the company to discontinue its diversity, equity, and inclusion initiatives, citing concerns over potential litigation, reputational damage, and financial risks.
Apple has urged its shareholders to oppose a proposal aimed at eliminating its diversity, equity, and inclusion (DEI) initiatives, particularly as competitors in the technology sector are reducing similar programs in anticipation of Donald Trump's potential return to the presidency.
The National Center for Public Policy Research, a conservative think tank, advocates for the cessation of Apple's DEI initiatives, arguing that such programs expose companies to potential litigation, as well as reputational and financial risks. This proposal is set to be voted on during Apple’s annual general meeting scheduled for February 25.
In a communication to shareholders, Apple’s board has advised investors to reject the proposal, asserting that the company already possesses adequate compliance measures to address any associated risks and because the proposal “inappropriately attempts to restrict Apple’s ability to manage its own ordinary business operations, people and teams, and business strategies”.
Diversity, Equity, and Inclusion (DEI) initiatives comprise a series of strategies aimed at ensuring that individuals from diverse backgrounds—encompassing ethnicity, socioeconomic status, sexual orientation, and gender—experience a sense of support and belonging within the workplace.
Recently, Meta, the parent company of Facebook and Instagram, announced the immediate cessation of its DEI programs.
“The legal and policy landscape surrounding diversity, equity and inclusion efforts in the US is changing,” said Janelle Gale, the vice-president of human resources at Meta, in an internal memo.
Meta additionally cited recent Supreme Court rulings and the polarized perspectives on Diversity, Equity, and Inclusion (DEI) that are prevalent among certain individuals.
This adjustment came in response to Meta's declaration regarding a shift in its moderation policies aiming to “get back to our roots around free expression”.
Amazon announced last week its decision to discontinue its diversity programs. In a memo addressed to employees on Friday, the technology firm stated that it was “winding down outdated programmes and materials” associated with representation and inclusion.
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The debate surrounding Apple's diversity, equity, and inclusion (DEI) initiatives reflects a broader societal divide over the role of such programs in the workplace. While Apple argues that these initiatives are vital for fostering an inclusive environment, some critics, including conservative think tanks, contend that they may expose companies to legal and financial risks.
As competitors like Meta and Amazon reassess their DEI strategies, Apple’s shareholders will have a crucial decision to make. Ultimately, the future of these programs may hinge on evolving legal landscapes and shifting public opinion, leaving the outcome uncertain for now.
Google and Microsoft Contribute $1M Each to Trump's Inaugural Fund.
Major technology companies are emulating the paths taken by other significant firms, such as Amazon, Meta, OpenAI, and Uber.
Google and Microsoft have each contributed $1 million to Donald Trump’s inauguration fund, joining the ranks of other prominent corporations such as Amazon, Meta, OpenAI, and Uber.
“Google is pleased to support the 2025 inauguration, with a livestream on YouTube and a direct link on our homepage. We’re also donating to the inaugural committee,” Karan Bhatia, Google’s global head of government affairs and public policy said on Thursday.
The technology corporation made a contribution on Monday, as reported by CNBC. José Castaneda, a representative from Google, informed the publication that the organization has previously contributed to inauguration funds and has also hosted livestreams of inauguration events.
A spokesperson for Microsoft confirmed the company's donation to Trump's inaugural fund in a statement to Bloomberg on Thursday. The organization contributed $500,000 each to Trump's inauguration in 2017 and to Joe Biden's inauguration in 2021, according to Bloomberg.
Numerous other prominent companies have made substantial donations to Trump's inauguration fund in the past month; these funds will support events and activities associated with the ceremony. Amazon, Meta, and OpenAI's CEO Sam Altman have all contributed $1 million, along with Toyota and Uber.
These contributions have enabled Trump's inaugural committee to amass a record $170 million in donations, seemingly as a strategy by technology giants to gain favor with Trump in anticipation of his second term. In contrast, Joe Biden's inauguration raised $63 million in 2021, while Barack Obama's inaugurations garnered $53 million in 2009 and $42 million in 2013.
Trump has maintained a contentious relationship with prominent technology executives and their companies, whom he has accused of exhibiting liberal bias and engaging in politically motivated suppression of content. In September, he threatened to instruct the Justice Department to pursue criminal charges against Google, alleging that the company had amplified negative coverage of him during his presidential campaign.
However, as his inauguration approached, both Trump and several technology giants appeared to undergo a shift in tone, marking a significant change from their previous criticisms of him related to the events of January 6.
Following Trump's victory in November, Google’s CEO Sundar Pichai, who had earlier described the January 6 riots as “the antithesis of democracy,” extended his congratulations to Trump for his “decisive victory.”
During a press conference last month, Trump said: “The first time everybody was fighting me… This time everyone wants to be my friend.”
In other developments within the technology sector this week, Meta's CEO Mark Zuckerberg, who previously stated in 2021 that Trump "should be responsible for his words," has declared that the company will eliminate fact-checkers and significantly decrease censorship on its platforms.
Zuckerberg further indicated that Meta will enhance the visibility of political content across its platforms, including Facebook, Instagram, and Threads.
In a discussion with CNBC last December, Brendan Glavin, the director of research at OpenSecrets, a non-profit organization focused on money in politics based in Washington, D.C., remarked that Trump's inauguration presents a “great opportunity for them to curry favor with the incoming administration”.
“None of these people, they don’t want to be Trump’s punching bag for four years,” he added.
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The significant contributions made by tech giants like Google and Microsoft to Donald Trump’s inaugural fund raise concerns about corporate influence in politics. Despite the ongoing tensions between Trump and tech companies, these donations seem to indicate a shift towards aligning with the incoming administration.
While companies may argue that such donations are made to gain favor, they could be seen as an attempt to avoid scrutiny or potential regulatory backlash. This financial support for an administration with a controversial past risks undermining public trust in the neutrality of corporations, particularly in an increasingly polarized political climate.
Teamsters President Joins Workers as Amazon Strike Hits Day 2.
The action follows the union's assertion that Amazon has declined to engage in negotiations with its employees.
Workers associated with the Teamsters initiated strikes at Amazon facilities nationwide on Thursday morning, marking what the union describes as the largest strike in history against the e-commerce giant, occurring just days before Christmas.
In a press release issued on Thursday evening, the union reported that "thousands of Teamsters" were participating in the strikes at locations in New York City, Atlanta, Southern California, San Francisco, and Illinois, although specific participant numbers were not disclosed. Furthermore, the union announced that Teamsters President Sean O'Brien would join striking members at a facility in City of Industry, California, on Friday as the strike approached its second day.
Additionally, the Teamsters indicated that local unions were also conducting picketing activities at "hundreds" of Amazon Fulfillment Centers across the country.
Amazon stated that the strike was anticipated to have no effect on operations and asserted that external organizers were involved in the strikes.
“What you see here are almost entirely outsiders—not Amazon employees or partners—and the suggestion otherwise is just another lie from the Teamsters," an Amazon spokesperson said in a emailed statement a few hours after the strikes began Thursday morning.
"The truth is that they were unable to get enough support from our employees and partners and have brought in outsiders to come and harass and intimidate our team, which is inappropriate and dangerous. We appreciate all our team’s great work to serve their customers and communities, and are continuing to focus on getting customers their holiday orders.”
Nearly 9,000 Amazon employees from 20 different bargaining units have joined the influential International Brotherhood of Teamsters, according to the union's statement. The workers currently on strike account for less than 1% of Amazon's global workforce of 1.5 million, which includes 800,000 individuals based in the United States.
The Teamsters, in their announcement made earlier this week, characterized the action as the "largest strike against Amazon in U.S. history," stating that it was initiated after Amazon declined to engage in negotiations with the workers represented by the Teamsters. The union indicated that the striking workers are advocating for increased wages, enhanced benefits, and safer working conditions.
"If your package is delayed during the holidays, you can blame Amazon's insatiable greed," O'Brien said in a statement Thursday announcing the strike. "We gave Amazon a clear deadline to come to the table and do right by our members. They ignored it."
An Amazon representative stated to ABC News that the Teamsters unlawfully pressured employees to become union members.
"For more than a year now, the Teamsters have continued to intentionally mislead the public – claiming that they represent 'thousands of Amazon employees and drivers'. They don't, and this is another attempt to push a false narrative," Amazon spokesperson Kelly Nantel said in a statement Thursday. "The truth is that the Teamsters have actively threatened, intimidated, and attempted to coerce Amazon employees and third-party drivers to join them, which is illegal and is the subject of multiple pending unfair labor practice charges against the union."
The representative stated that the organization has raised the initial minimum wage for employees in fulfillment centers and transportation roles by 20%, and in September, the average base wage was elevated to $22 per hour.
The Teamsters' announced strike follows the authorization of a walkout by workers at multiple Amazon locations.
The warehouse located in Staten Island, New York City, marked Amazon's inaugural unionized facility. Employees at this site have reported that the company has declined to acknowledge the union and engage in contract negotiations following the workers' decision to unionize in 2022.
The union representing the workers at the facility has been officially certified by the National Labor Relations Board; however, Amazon has filed an appeal against this decision.
Amazon's response to the Teamsters strike reveals a concerning disregard for worker rights and fair negotiations. By labeling striking employees as "outsiders" and dismissing their demands, Amazon demonstrates a lack of commitment to resolving labor issues. Despite claims of raising wages, the company continues to face accusations of unsafe working conditions, unfair labor practices, and failure to negotiate with unionized workers.
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This antagonistic approach only fuels the growing discontent among employees, leaving unresolved issues that threaten both worker morale and the company's long-term reputation. Amazon's refusal to engage meaningfully with labor representatives is a troubling sign of corporate indifference.
Can AI Chatbots Handle Your Holiday Shopping? Here's What We Found.
Key Points
Stores like Amazon and Walmart are rolling out AI chatbots to assist customers in locating their desired products.
This shift is happening as more Americans are seeking generative AI for shopping advice, as noted by Adobe.
Retail experts believe that with so many choices available, shoppers might find these tools helpful in simplifying their decision-making process.
Can an AI shopping assistant help you tackle your holiday shopping dilemmas? Possibly—just remember to seek their advice but don’t treat it as the ultimate truth.
AI recommendations are making their way into your shopping experience. Retailers are upgrading their chatbots as more Americans turn to generative AI tools for creating shopping lists, comparing products, and monitoring prices, according to analysts. E-commerce platforms are either integrating or developing their own versions of tools like ChatGPT and Google's Gemini, as noted by Vivek Pandya, the lead insights analyst at Adobe Insights.
To see how effective these assistants are, I asked a few AI-powered helpers for gift ideas for some of the trickiest people on my list. The responses were often useful, though sometimes a bit surprising. One assistant suggested a fun game for my young niece, but it also recommended a metal-cutting tool for my elderly grandmother, which was a bit odd.
Shopify's virtual storefront, Shop, rolled out an AI chatbot last year. Amazon introduced Rufus in February, claiming it was trained on their catalog, customer reviews, and other sources. Walmart has a similar tool that's currently available to select customers.
It seems like shoppers are warming up to virtual assistants. Online retailers saw a nearly 2,000% increase in traffic from major AI platforms on Cyber Monday, according to Adobe. Plus, shoppers indicated that using generative AI for shopping is one of their top preferences, as per market research from NielsenIQ. Merchants are also using these tools for tasks like order tracking and handling returns.
“That number one [use] being focused on 'Help me find the right product when I’m shopping' wasn’t something we were expecting," said Jason Boyd, senior vice president of consumer insights, commercial at NielsenIQ.
Bots Provide Shopping Recommendations and Various DIY Concepts.
Rufus suggested the card game Taco vs. Burrito, developed by a 7-year-old, as a gift for my niece. However, it proved to be more challenging for my 93-year-old grandmother, who I observed has a limited memory. The chatbot proposed that, with some assistance, she could utilize a machine designed for cutting vinyl and metal to create "personalized projects." Additionally, it provided options for more traditional gifts, such as photo albums and blankets.
The shop assistant compiled a list of personalized gifts I could either purchase or create for my grandmother, ranging from calendars featuring family photographs to memory jars. In the case of the memory jars, it provided guidance on how to make them by decorating a container and filling it with pictures and descriptions of cherished moments, rather than simply offering items for sale.
I also sought advice regarding my boss, with whom I have collaborated for only six weeks. Both Amazon and the shop's assistants recommended that I could leave a positive impression with books focused on professional development and leadership. They also suggested alternatives such as desk accessories, gift cards, and gourmet treats.
In a recent blog post, Amazon expressed its openness to feedback as it refines its application of emerging technology. The shop has successfully utilized AI to enhance user experiences and plans to continue improving its methods, as noted by executives during a recent earnings call.
Retailers are currently exploring these innovative tools at a time when generative AI is still evolving, according to Pandya, who mentioned that the technology is likely to become more user-friendly and effective over time; presently, the best results are achieved when users input well-crafted queries.
"We're still in this sort of prompt stage with generative AI," Pandya said.
AI chatbots are quickly becoming a valuable tool for holiday shopping, offering personalized recommendations and simplifying decision-making. While their suggestions can sometimes be unexpected, they often provide useful insights, making them a helpful resource for finding the perfect gift.
Retailers like Amazon, Walmart, and Shopify are embracing these AI tools, and as the technology continues to improve, shoppers can expect even better experiences in the future. Whether you're looking for personalized gifts or trying to navigate the vast selection of options, AI chatbots can help make your holiday shopping smoother and more efficient.
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Amazon Strikes Deal to Launch 'Warhammer Cinematic Universe.
The Project Is Set to Showcase 'Superman' Actor Henry Cavill.
Key Highlights
Amazon and Games Workshop revealed on Tuesday that Prime Video will be creating films and TV series based on the Warhammer 40,000 franchise.
This collaboration has been in the works for several months, and it will star Henry Cavill, known for his role as Superman.
The agreement highlights that there's still a strong demand for established intellectual properties, even with the recent dip in box office performance for the Marvel Cinematic Universe.
Amazon and Games Workshop from the UK announced on Tuesday that they've struck a deal for Prime Video to develop a franchise based on the Warhammer 40,000 universe.
This agreement highlights the ongoing interest from content creators in building franchises or "cinematic universes" around popular intellectual properties (IP).
After the box office highs of Avengers: Endgame, Disney's Marvel Cinematic Universe has seen a dip in ticket sales, sparking discussions about its future. The upcoming Deadpool & Wolverine film is expected to be the first MCU release to break into the top 10 U.S. ticket sales since Black Panther: Wakanda Forever.
Whilst MCU ticket sales have dipped, while other popular franchises are doing really well.
Even though the MCU is seeing a dip in numbers, studios are still putting their money on franchises like Warhammer. On Tuesday, it was announced that Amazon has snagged the exclusive rights to create movies and TV shows based on the franchise. They didn’t share any financial details or production schedules, but Henry Cavill, known for his role as Superman, confirmed he’s on board for the project via social media.
In recent years, there have been some impressive hits outside the MCU, like the box office success of Barbie and critically acclaimed TV adaptations of video games, such as HBO's The Last of Us and Prime Video's Fallout.
A successful film based on a tabletop game like Warhammer, which is set in a distant future, wouldn’t be a first. Last year’s Dungeons & Dragons: Honor Among Thieves received great reviews and raked in over $200 million at the box office, with a budget of $151 million, according to Variety.
Jefferies analysts pointed out on Tuesday that if the Prime Video Warhammer series takes off, it could also give a nice boost to Games Workshop’s sales of Warhammer models, books, and other merchandise.
Cavill has already taken on a role linked to a video game, playing Geralt in Netflix's Witcher series, which is based on a collection of books.
Amazon's partnership with Games Workshop to create the Warhammer 40,000 cinematic universe marks an exciting new chapter for both the franchise and Prime Video. With the talented Henry Cavill at the helm, fans can expect a compelling blend of futuristic storytelling and intense action.
This move underscores the growing trend of adapting popular intellectual properties into expansive cinematic universes. Given the success of similar projects, including Dungeons & Dragons and The Last of Us, there is great potential for Warhammer to capture a global audience. This collaboration is poised to redefine the future of geek culture and entertainment.
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Jeff Bezos: A Visionary Leader With a $226 Billion Net Worth.
What is Jeff Bezos' net worth?
Jeff Bezos is an American entrepreneur, philanthropist, and space enthusiast with a staggering net worth of $226 billion. He made his billions as the founder of Amazon.com and has held various roles, including former CEO and current president and chairman of the board. In July 2017, he became wealthier than Bill Gates for the first time. From October 2017 to January 2021, he was the richest person on the planet without a break. He reclaimed the title of the world's richest individual in March 2024, overtaking Elon Musk in net worth.
Jeff currently holds 55 million shares of Amazon, which is about 12% of all outstanding shares, according to the latest SEC filing. At one point, he had 80 million shares. During his divorce settlement with MacKenzie Bezos in April 2019, he transferred 19.7 million shares to her, valued at $36 billion at that time. This move dropped his net worth from $150 billion to $114 billion for a while. Jeff was also an early investor in Google and has at least $1 billion in shares of Alphabet Inc.
For a good chunk of the 2000s, Jeff wasn't even in the top 10 or 20 richest people in the world. But then, starting in late 2014, Amazon's stock took off. By July 2015, his net worth hit $50 billion, and in less than two years, it had doubled. On July 27, 2017, he surpassed Bill Gates to become the richest person in the world. By September 2018, Amazon's market cap reached $1 trillion, and at that point, he still had 80 million shares, pushing his net worth to a record $170 billion.
Interesting Facts
He left his finance job in 1994 to start an online bookstore.
While driving cross-country, he came up with the Amazon business plan.
When Amazon went public in 1998, his net worth soared past $12 billion. However, after the dotcom bubble burst, it dropped to $2 billion.
By 2015, his net worth hit over $50 billion for the first time.
In 2018, it crossed the $100 billion mark.
He also invested in Google before its IPO, which is now worth about $1 billion.
When he and MacKenzie announced their split, his net worth was $136 billion.
MacKenzie got 20 million Amazon shares and became the richest woman in the world.
If they had stayed together, Jeff's net worth could have easily exceeded $250 billion.
He owns The Washington Post and has $300 million in property in Beverly Hills, along with $60 million in Washington.
To date, he has sold at least $70 billion worth of Amazon shares and uses $1 billion a year to support his space venture, Blue Origin.
By July 2021, his net worth reached $211 billion.
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Was Jeff Bezos Ever the Richest Person of All Time?
When you look at Jeff's highest net worth of $200 billion and stack it up against our list of the richest people ever, adjusted for inflation, he doesn't even crack the top 10. That $200 billion would actually place him as the 11th biggest fortune ever held by one person (after adjusting for inflation). Just to give you some perspective, when oil magnate John D. Rockefeller passed away, his worth was around $340 billion when you factor in inflation.
Could Jeff Bezos Become a Trillionaire?
It’s all about possibilities! But aiming for trillionaire status seems pretty ambitious if he’s only counting on his Amazon stocks. With 12% of Amazon’s shares, Jeff’s net worth is around $120 billion for every $1 trillion in market cap. So, to hit that billionaire mark just from his Amazon shares, the company would have to reach a market cap of over $8.3 trillion.
Early Life
Jeff Bezos was born on January 12, 1964, in Albuquerque, New Mexico. His mom was just 17 when she had him, and his dad ran a bike shop. After a while, she divorced Jeff's biological father and married a Cuban immigrant named Miguel Bezos when Jeff was four. Miguel adopted Jeff, and that’s when Jeff's last name changed from Jorgenson to Bezos.
The family then moved to Houston, where Miguel found work as an engineer at Exxon. They also got to be closer to Jeff's grandparents, who owned a cattle ranch south of San Antonio. Interestingly, Jeff's grandmother, Mattie Louise Gise, was a first cousin of country music star George Strait.
As a kid in Texas, Bezos turned his parents' garage into a lab for his science experiments. He spent his summers working on his grandparents' ranch, which he later credited for shaping his strong work ethic. Eventually, he bought the ranch and grew it from 25,000 to 300,000 acres.
The family relocated to Miami just as Jeff was starting high school. During his high school years, he took on a job as a short-order cook at McDonald's. He excelled academically, becoming the valedictorian and a National Merit Scholar. In his speech as valedictorian, he shared his vision of humanity eventually colonizing space.
Jeff went on to attend Princeton University, initially aiming to study physics, but his passion for computers led him to change his focus. He graduated summa cum laude with a 4.2 GPA and was inducted into Phi Beta Kappa, earning a Bachelor of Science in computer science and electrical engineering.
After college, Jeff joined a financial tech company called Fitel. He later moved into the banking sector, securing a product management role at Bankers Trust. In 1990, he became a financial analyst at D. E. Shaw & Co., a newly established hedge fund that aimed to leverage mathematical modeling for significant market gains.
Jeff was with D.E. Shaw until 1994, and by then, he had climbed the ranks to become the fourth senior vice president of the company. He was just 30 years old at that time.
Amazon
A year before, Jeff got really interested in the early days of the internet. He thought about selling stuff online and decided to go with books. While driving from New York to Seattle, he came up with Amazon's business plan. He officially started the company in 1994, kicking things off from his garage.
Other Accomplishments
In 2008, Bezos was awarded an honorary doctorate in Science and Technology from Carnegie Mellon University. Earlier, in 1999, he was recognized as Time magazine's Person of the Year. Then in 2000, he launched Blue Origin, a startup focused on human spaceflight, driven by his love for space exploration. Blue Origin's vision includes creating space hotels, amusement parks, and even colonies or small cities for millions of people orbiting Earth.
The company kept a low profile for a few years, only coming to light in 2006 when it bought a large piece of land in west Texas for a launch and testing site. In 2013, Bezos was chatting about commercial spaceflight with Richard Branson, the billionaire behind Virgin Group, and that same year, he also acquired The Washington Post.
Real Estate And Other Toys
For about thirty years, Jeff called Seattle, Washington home. In November 2023, he shared his decision to relocate to Miami full-time. Just two months prior, he dropped a whopping $150 million on two side-by-side properties on a private island known as Indian Creek Village, often referred to as the "Billionaire Bunker." The buzz is that he plans to demolish both places to build a huge new mansion.
By April 2024, it came to light that Jeff had snagged a third mansion on Indian Creek, paying $90 million for a six-bedroom house where he intends to stay while he tears down the other two to create a super estate.
Back in 2007, Jeff and MacKenzie bought a mansion on two prime acres in Beverly Hills for $24.5 million. Then in 2018, they added the neighboring home for $12.9 million. Following their divorce in 2019, MacKenzie received the now-combined property. In August 2022, she announced that she had donated the two homes to the California Community Foundation, with the combined value estimated at around $55 million at the time of the donation.
On February 12, 2020, it came to light that Jeff dropped a whopping $255 million on two properties in Beverly Hills. The first one, the Jack L. Warner estate, set him back $165 million. This stunning estate sprawls over 10 beautiful acres right in the heart of Beverly Hills and boasts a main house that’s 13,600 square feet. The previous owner was entertainment giant David Geffen, who snagged it back in 1990 for just $47.5 million.
The second property Jeff was said to have acquired in February 2020 was a 120-acre vacant hilltop known as Enchanted Hill. This land was sold by the estate of the late Microsoft co-founder Paul Allen, who bought it in 1997 for $20 million. While the place is mostly covered in weeds, it does feature a 1.5-mile driveway and a nicely kept bluff at the top. However, just a month after the news broke, the deal fell through. So, in the end, Jeff's big real estate move in February 2020 was just the $165 million Jack L. Warner estate.
Other real estate assets:
A $23 million mansion in Washington D.C. was bought in 2018.
It used to be a museum and includes two buildings with a total of 27,000 square feet of living space.
There are also 300,000 acres in Texas, featuring several ranches, plus another 100,000 acres scattered across the country.
In Manhattan, there are three units at 25 Central Park West.
Additionally, there's a $10 million 5-acre property in Medina, Washington, purchased in 1999, and a $50 million mansion right next door in Medina, acquired in 2005.
Net Worth Details And History
Over the past two decades since Amazon went public, Bezos has offloaded at least $70 billion in shares. He typically sells around $1 billion worth of stock each year as part of a planned selling strategy.
When Amazon first hit the market, its market cap was just $300 million. Jeff held a 40% stake in the company, which put his net worth at about $120 million (before taxes). Within a year, he had skyrocketed to a billion-dollar net worth. During the height of the dotcom boom, his wealth peaked at over $10 billion. However, after the bubble burst, Amazon's stock plummeted to a low of $5 per share in October 2001, and Jeff's net worth dropped to between $1 and $2 billion.
If you had the foresight to invest $10,000 in Amazon shares back in October 2001, you'd be sitting on more than $15 million today, not even counting any dividends.
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Net Worth Milestones
In May 1997, the company kicked off with a bang at $120 million on its IPO day. Fast forward to June 1998, and it hit the $1 billion mark for the first time. By June 1999, that number skyrocketed to $10 billion. Then in July 2015, it reached a whopping $50 billion. Come January 2018, it doubled to $100 billion, and by July 2018, it was at $150 billion. Just a couple of months later, in September 2018, it climbed to $170 billion.
In January 2019, Jeff announced he was divorcing MacKenzie after 25 years, which was bound to shake up his $150 billion fortune. On April 4, 2019, they shared that they had come to a friendly agreement on their divorce, with MacKenzie getting $36 billion in Amazon stock. Jeff kept 75% of his shares and maintained voting control over MacKenzie’s. She wouldn’t own any part of The Washington Post or Jeff's space venture, Blue Origin. The details on how they divided their homes and jets remain a mystery. After the announcement, Jeff's net worth dropped to $114 billion.
By March 9, 2020, it was at $111 billion, then jumped to $172 billion by July 1, 2020. Just days later, on July 9, it soared to $190 billion, and by August 26, 2020, it hit $202 billion. However, by December 2022, it had fallen to $117 billion, and in January 2023, it was down to $107 billion.
Jeff hit billionaire status in just three years after starting out in 1995. It took him two decades to reach $50 billion, but he managed to rack up another $50 billion in just 2.5 years, bringing his total to $100 billion. Then, in a mere seven months, he added another $50 billion, pushing his total to $150 billion. But just like that, he lost $36 billion with a single decision.
Jeff Bezos Net Worth Over Time
June 1997 - $150 million
June 1998 - $1 billion
June 1999 - $10 billion
March 2000 - $6 billion
December 2000 - $2 billion
September 2001 - $1.5 billion
September 2003 - $2.5 billion
September 2004 - $5.1 billion
September 2005 - $4.1 billion
September 2006 - $4.3 billion
September 2007 - $8.7 billion
September 2008 - $8.2 billion
September 2009 - $6.8 billion
September 2010 - $12.6 billion
September 2011 - $18 billion
December 2012 - $23.2 billion
October 2013 - $29 billion
December 2014 - $30.5 billion
July 2015 - $50 billion
October 2016 - $45 billion
December 2017 - $73 billion
July 2018 - $150 billion
September 2018 - $170 billion
April 2019 - $114 billion
July 2020 - $190 billion
July 2021 - $213 billion
November 2022 - $117 billion
November 2023 - $170 billion
May 2024 - $208 billion
Jeff Bezos exemplifies entrepreneurial brilliance and visionary leadership. From starting Amazon in a garage to building it into one of the world's most valuable companies, his journey is a testament to innovation and resilience. Bezos' ventures extend beyond retail, encompassing space exploration with Blue Origin, media with The Washington Post, and significant philanthropic initiatives.
His strategic decisions have redefined e-commerce, cloud computing, and logistics globally. Despite setbacks, his ability to adapt and focus on long-term goals underscores his remarkable success. Bezos inspires by demonstrating how audacious dreams, backed by relentless effort, can reshape industries and push humanity toward new frontiers.
Nasdaq 100 Futures Rise as Investors Eye Earnings and Jobs Data
Nasdaq 100 futures ticked upward on Thursday evening as investors digested a series of significant earnings reports and anticipated the upcoming release of pivotal jobs data. Futures for the tech-heavy index climbed by 0.3%, with the Dow Jones Industrial Average futures rising by 15 points (0.1%) and S&P 500 futures also gaining 0.1%.
A standout performer in after-hours trading was Amazon, which saw its stock soar over 5% thanks to strong results from its cloud and advertising sectors, both of which exceeded Wall Street’s earnings expectations. Intel also made waves, with shares surging more than 7% following revenue results that beat forecasts and optimistic guidance for the coming quarters.
This positive movement came after a turbulent Thursday trading session. The S&P 500 and Nasdaq Composite both suffered notable losses, largely due to declines in Microsoft and Meta Platforms following their earnings releases, which disappointed investors. In fact, both indices recorded their largest single-day drops since early September. The Dow Jones also fell by over 300 points, led down by declines in major tech stocks like Microsoft, Intel, and Amazon.
“It’s primarily driven by technology, clearly,” explained Jay Hatfield, Chief Investment Officer of Infrastructure Capital Management, adding that the upcoming election could be prompting investors to reduce risk.
Thursday marked the end of a rocky month for the stock market, with the Dow dropping by 1.3%, leading losses among the major indices. The S&P 500 and Nasdaq declined by 1% and 0.5%, respectively, as October closed out with a downturn in an otherwise strong year.
Now, investors eagerly await the latest employment report, set to release on Friday morning. Economists expect nonfarm payrolls to show an increase of only 100,000 jobs for October, a figure that would represent the smallest monthly rise in nearly four years, with the unemployment rate projected to hold steady at 4.1%.
In addition to jobs data, traders will be keeping an eye on earnings from Chevron and Exxon Mobil on Friday. These reports will round out the busiest earnings week of the season, during which nearly one-third of the companies listed on the S&P 500 reported their results.
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The Rings of Power Budget
The new season will be released at the end of this month so we take a dive into the makings of the show and how much is the Rings of Power costing Amazon.
The first season was released in 2022, as 25 million people watched on the same day making it Amazon’s biggest premiere to date. This is a larger audience than HBO’s Game of Thrones release day despite the audience growing much more over their 8 seasons.
The budget
Season 1 of The Rings of Power had a budget of $465 million and season 2 has promised an even bigger budget to produce larger and greater scenes for viewers.
The budget rose to $700 million when factoring in the price of buying the rights from J.R.R. Tolkien’s estate.
To compare, the very successful Lord of the Rings trilogy which began production in 1999 and cost $281 million which in 2020 would be $436 million.
A smaller budget than one season of The Rings of Power.
The Lord of the Rings has a runtime of 11 hours and 26 minutes which cost them $38.4 million per hour.
For The Rings of Power with a runtime of 9 hours and 17 minutes this cost $50.1 million per hour.
The success
Amazon have claimed the show has brought them great success and profit, despite the lack of a figure added to this claim.
A large profit seems surprising as the show’s viewership severely declined throughout the season. Despite the 25 million people watching the show on the day of release of 37% of viewers who started the show made it all the way to the end. Two thirds of viewers stopped before watching the finale.
Amazon will be hoping for a much more successful second season to improve the profits.
Will you be watching?
From Wednesday, Peloton will begin selling its original bike as well as a number of accessories to US customers via Amazon.
Speaking to CNBC, Peloton’s chief commercial officer, Kevin Cornils, said: “Post-Covid, the retail environment — online and in stores — is continuing to evolve, and that’s something that we’re trying to understand better to make sure the Peloton of the future is calibrated appropriately for that.”
The move appears to be the most recent effort by Peloton to widen its customer base and boost investor confidence after a number of setbacks.
For example, February saw Peloton accused of concealing rust and corrosion on its bikes to avoid product recalls, with the company claiming the rust was “superficial” and would not impact the bike’s performance. In the first quarter of 22%, Peloton’s sales slumped by 24%.
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“In fact, the administration tried hard to inject even more stimulus into an already over-heated, inflationary economy and only Manchin saved them from themselves,” Bezos Tweeted. “Inflation is a regressive tax that most hurts the least affluent. Misdirection doesn’t help the country.”
Bezos’ comments come in response to a thread in which President Biden claimed the US was on track for its largest yearly deficit decline ever, totalling $1.5 trillion.
Bezos called the President out over a tweet that said taxing wealthy companies has the potential to bring down inflation and urged the Disinformation Board to review the President’s tweet.
“Raising corp taxes is fine to discuss,” Bezos said on Friday. “Taming inflation is critical to discuss. Mushing them together is just misdirection.”
Michael Kamerman, CEO of Skilling, shares his opinion on what stock you should watch this week.
Amazon
This week we are seeing Q1 earning results from 175 of the S&P 500 companies including big tech results from Microsoft, Google and Meta. Companies like Apple have thrived in the new year and reached all-time record earnings this quarter, continuing to make them an attractive investment for traders.
One to watch will be Amazon’s earnings report. Much like any other online-based service provider and seller, Amazon saw a boost in sales during the last two years due to Covid and lockdown affecting consumer behaviour. However, now that things have settled, recent UK sales reports are showing online sales falling noticeably across the board.
AMZN is currently down 23% from its November 2021 high and investors are keen to see whether their earnings show that things are picking up or slowing down.
Amazon’s 18% stake in electric vehicle maker Rivian last quarter helped “juice” their gains, however, Rivian’s recent struggles surrounding botched price hikes and supply chain issues may affect the big tech’s profitability, as Rivian is now consequently trading at near all-time lows.
Additionally, Amazon’s fuel and inflation surcharge come into effect on April 28th to combat rising prices. Alongside the unionisation situation, it has had to deal with in Alabama and now New York, this may likely affect stock prices.
On the offset, Amazon Web Services has been a key profit driver for Amazon in the last quarter with Amazon’s cloud sales growth hitting 40%.
In any case, investors will need to closely consider Amazon’s earnings in comparison to the other big tech giants to make a decision on their trading.
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The deal means UK Amazon customers can continue to use their Visa credit cards.
Back in November, Amazon announced it would stop accepting payments via Visa credit cards because of Visa’s increased fees due to Brexit. At the time, Visa said it was “very disappointed” with Amazon’s decision.
Amazon has since been pressuring Visa to lower its fees in a series of moves that motioned retailers’ increasing frustration over the costs associated with major card networks.
Speaking to CNBC via an email on Thursday, a spokesperson for Amazon said, “We’ve recently reached a global agreement with Visa that allows all customers to continue using their Visa credit cards in our stores. Amazon remains committed to offering customers a payment experience that is convenient and offers choice.”
The e-commerce giant is also set to abandon a 0.5% surcharge on Visa credit card transactions in Australia and Singapore, which it introduced last year.
