Jeff Bezos Reflects on ‘Amazon.bomb’
By Connor Smith, Barron's
Oct. 11, 2021
Jeff Bezos hasn’t forgotten “Amazon.bomb.” The world’s second-richest man shared on Twitter Sunday evening the bearish May 1999 Barron’s cover that warned of trouble ahead for the online book seller.
“Listen and be open, but don’t let anybody tell you who you are,” Bezos wrote. “This was just one of the many stories telling us all the ways we were going to fail. Today, Amazon is one of the world’s most successful companies and has revolutionized two entirely different industries.”
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Jeff Bezos Shared Old Article Predicting Amazon's Failure. Elon Musk Replied
Dismissing Jeff Bezos as "just another middleman", the story read: "The idea that Amazon CEO Jeff Bezos has pioneered a new business paradigm is silly."
by Sanya Jain, NDTV (India)
October 11, 2021
In 1999, American magazine Barron's published a cover story titled "Amazon.bomb". The story predicted that Amazon's stock price would come crashing down and that the real winners of the Internet boom would be "firms that sell their own products directly". Dismissing Amazon founder Jeff Bezos as "just another middleman", the story read: "The idea that Amazon CEO Jeff Bezos has pioneered a new business paradigm is silly."
It's safe to say the article did not age well. More than two decades later, Amazon is worth $1.6 trillion in market cap and Jeff Bezos is counted among the world's richest people. Mr Bezos took to social media today to share the Barron's cover story with an inspirational message.
"Listen and be open, but don't let anybody tell you who you are," he wrote. Mr Bezos added that the story was just one of many that predicated Amazon's failure. "Today, Amazon is one of the world's most successful companies and has revolutionized two entirely different industries," he concluded while sharing a picture of the 1999 article...
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