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  • In 1994, a young, Wall Street hotshot named Jeff Bezos was at a crossroads in his career:

  • Continue amassing a small fortune...

  • ...or abandon it all to sell books?

  • That decision would single-handedly change the history of e-commerce, publishing, film, TV, journalism, and quite possibly interstellar travel.

  • That decision also represents a recurring theme in his life: Never settle.

  • Ever.

  • This is how Jeff Bezos took a simple idea into a garage and built one of the largest marketplaces on the planet.

  • Jeff Bezos was born on January 12, 1964.

  • As a child, he turned his parents' garage into a laboratory for his inventions.

  • In his 1982 valedictorian speech, he discussed colonizing outer space and turning Earth into a giant nature preserve.

  • Graduating from Princeton with a computer science degree, instead of going straight into tech, he had other ideas.

  • You don't become a billionaire unless you have this insatiable desire to accrue wealth and power.

  • But I think he just looks at it in a way that's really different to almost anyone else I follow.

  • That's Tom Metcalf.

  • I'm a billionaires reporter for Bloomberg News.

  • You know, he's always driven by success, and Wall Street was the pinnacle for most graduates.

  • He was a very mathematical graduate.

  • It really fit in his almost quant-like outlook.

  • He quickly made a name for himself.

  • At 26, the youngest-ever Vice President of Bankers Trust Company.

  • At 28, the youngest-ever Senior Vice President of DE Shaw and Co.

  • It was there that he discovered a giant, untapped resource: the internet.

  • He was seeing the internet grow by 2300% a year.

  • In all his time at a Wall Street firm, he'd never seen such a growth opportunity.

  • He went through a whole list of industries, and, if you think about books, easy to package, hard to damage.

  • And of course the internet offers an infinite library.

  • DE Shaw did not share his optimism.

  • For the opportunity of a lifetime, Bezos would have to leave Wall Street.

  • Whatever it is that you wanna do, there's gonna be risk in your life.

  • And risk is a necessary component of progress.

  • And he quite simply packed his stuff up, drove across the country.

  • And, you know, the legend goes that, while in the car, he was writing the business plans.

  • Setting up shop in his garage, in 1994, he incorporated his book company under the name "Cadabra".

  • It wasn't great when a lawyer misheard it as "cadaver".

  • He ultimately landed on "Amazon" for a couple reasons.

  • Firstly, the name beginning with 'A' would likely be on top of any alphabetized web search.

  • And he kind of liked the fact that it tied into the world's largest river, and he was setting up plans to make Amazon the world's largest company.

  • Launching in July 1995, a bell was installed to ring every time a book was sold.

  • In its first month, Amazon sold to people in all 50 states and 45 different countries.

  • The bell was gone in weeks.

  • All their expectations were smashed.

  • They thought they'd maybe sell dozens of books the first week.

  • It was in fact hundreds.

  • Then thousands.

  • And, of course today, millions.

  • By September 1995, Amazon processed $20,000 in monthly sales.

  • With its 1997 IPO, Amazon was valued at $400 million.

  • By 1999, Jeff Bezos was worth $10 billion and was Time's Man of the Year.

  • But soon after, the dot com crash had people skeptical: was Amazon a sustainable business, or would the bubble burst?

  • Anyone who's met Bezos knows he's extraordinarily charismatic and very convincing.

  • In terms of the long-term vision, he had it mapped out for decades.

  • Whatever happened in the short term, he wasn't going to change that plan.

  • And I think he conveyed that pretty well to his stockholders.

  • With the crash eliminating many competitors, Amazon strengthened its grip on the market and expanded beyond books.

  • The Kindle.

  • Alexa.

  • Amazon Studios.

  • And of courseAmazon Prime.

  • What it does it's really locked people into the Amazon ecosystem.

  • They're much more inclined to be buying a lot more.

  • Word of mouth spreads.

  • And that has been the biggest driver of Amazon's incredible revenue growth.

  • Yet, historically, Amazon has seen modest annual profits.

  • There's an enormous amount of cash flowing through the company.

  • And what Bezos does - he's not returning that to shareholders.

  • He's reinvesting that in the company.

  • For sure in its core businesses, but also going off for these almost moonshot projects.

  • My vision for Blue Origin is millions of people living and working in space.

  • This is such a game-changer.

  • Amazon to buy Whole Foods.

  • Jeff Bezos is now the richest person in the world.

  • $250 million for the storied Washington Post.

  • His acquisition of the Washington Post not only raised eyebrows, but put him at odds with another well-known billionaire.

  • He bought the Washington Post to have political influence.

  • If I become President, oh, do they have problems.

  • They're gonna have such problems.

  • Bezos and Trump are probably as different as two entrepreneurs can get.

  • Trump is pretty reactionary, you know, kind of emotional, whereas Bezos normally doesn't really respond.

  • Though once he did suggest he'd be willing to send Donald Trump into space.

  • And, you know, I have a rocket company so the capability is there.

  • Few businessmen choose to make an enemy of a president.

  • But having built an empire out of a garage, Jeff Bezos has proven capable of handling any adversary.

  • Especially complacency.

In 1994, a young, Wall Street hotshot named Jeff Bezos was at a crossroads in his career:

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