Jeff Bezos keeps a 16-year-old framed magazine as a ‘reminder' that Amazon's most profitable service was once just a ‘risky bet' [CNBC]
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Source: CNBC
On Wednesday, the Amazon founder tweeted a photo of the November 2006 magazine's cover, which featured a photo of Bezos at age 42 behind the text, “Amazon's Risky Bet.” The cover story was about why Wall Street executives doubted that Amazon Web Services, then a brand-new on-demand cloud computing service, would ever succeed. “I have this old 2006 BusinessWeek framed as a reminder,” Bezos, now 58, wrote in the tweet. “The ‘risky bet' that Wall Street disliked was AWS, which generated revenue of more than $62 billion last year.” In 2006, Amazon was only worth a mere $10 billion, according to Businessweek – and investors and analysts were “losing confidence in Bezos' promises.” The article called out Bezos for going on an ill-timed spending “binge,” noting that his investments in new technologies like cloud computing were up 52% since January of that year, while Amazon's stock was down 20%. Specifically, Businessweek deemed Amazon Web Services as “Bezos' biggest bet since he and
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