In the mid-1990s, investing $10,000 (Rs 8.33 lakh) in a new online bookstore seemed like a gamble, but for Jeff Bezos’s siblings, Mark and Christina, it turned out to be a very wise decision. According to Bloomberg, back in 1996, they each bought 30,000 shares of Amazon.com Inc. for $10,000. This investment has grown massively over the years, and now, it has made each of them billionaires, with a return of more than 10,249,900%.
A report by Luxury Launches, citing Bloomberg from July 31, 2018, mentioned that their shares were worth $640 million (Rs 5,332 crore) each when Amazon’s stock was at $91 (Rs 7,582). Now, with the stock price at $149 (Rs 12,414), their shares are worth about $1.044 billion (Rs 8,698 crore) each.
Jeff Bezos started Amazon in July 1994, a time when the internet was mostly used by governments and schools. He saw the future potential of online shopping and decided to create an online store despite the risks. Convincing investors, including his own family, about this new idea was very challenging. Bezos even warned his parents that there was a 70% chance they could lose their money. He wanted to make sure they understood the risks, joking that he still hoped to be welcomed at Thanksgiving even if the venture failed. This story is highlighted in the book “The Everything Store: Jeff Bezos and the Age of Amazon.”
In 1994, Jeff Bezos had 60 meetings with family, friends, and possible investors to try to get them to invest in his idea for an online bookstore. Out of those 60, 38 didn’t invest. Years later, Bezos looked back on these rejections and noticed that some of the people who didn’t invest were still affected by their decision, either by accepting it as just a part of life or by finding it too hard to talk about. Amazon faced many challenges on its way to success, including its initial public offering on May 15, 1997, at $18 (Rs 1,499) per share, and surviving the dot-com bubble’s ups and downs. Thanks to Bezos’s leadership, Amazon didn’t just survive; it thrived, growing beyond just selling books online to becoming a company worth $1.5 trillion.
Mark and Christina Bezos, though not often in the spotlight, have played a significant role in the Amazon story. Mark chose a different path, making a name for himself in advertising and philanthropy, while Christina has kept a low profile, dedicating her time to family and charitable work.
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