icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm

Bezos to relinquish role as Amazon CEO on July 5, turn more attention to space business & mammoth yacht

Bezos to relinquish role as Amazon CEO on July 5, turn more attention to space business & mammoth yacht
Jeff Bezos has announced that he will step down as Amazon's chief executive on July 5, freeing up time for his spaceship company, the Washington Post, philanthropic ventures and his nearly completed $500 million yacht.

Bezos, who ranks as the world's richest person with a fortune estimated by Forbes at more than $189 billion, told Amazon shareholders on Wednesday that he chose July 5 because it would mark the 27th anniversary of the online retailer's incorporation in 1994.

Also on rt.com Amazon Unbound perfectly charts Jeff Bezos’ journey from bookselling nerd to untamable egomaniac whose mission is to save mankind

Bezos, 57, plans to become executive chairman of Amazon's board and hand the CEO role to Andy Jassy, who currently heads the company's cloud computing business. Jassy joined Amazon, then a start-up online book seller, in 1997.

The Amazon founder will remain involved with the company. Bezos told employees in February, when the company announced that he would be stepping down as CEO later this year, that he will focus on new products and “early initiatives” in his new role.

But he also intends to have more time for his other ventures, including Blue Origin, which recently lost out to Elon Musk's Space-X for a $2.9 billion NASA contract to build a lunar landing craft. Blue Origin may have a second bite at the federal trough, though, after an amendment was introduced in Congress to add $10 billion in funding for NASA's long-awaited return to the Moon, including money for a second company to build a lunar lander. Senator Bernie Sanders (D-Vermont) is trying to block the effort to bring Blue Origin into the project, calling it “the multi-billion-dollar Bezos bailout.”

Also on rt.com Musk rejoiced too soon? NASA halts lunar lander contract with SpaceX over lawsuits from Bezos, Dynetics

Bezos also is flush with cash after selling at least $5 billion worth of his Amazon shares earlier this month. He reportedly paid a record $165 million for a Beverly Hills mansion last year, shortly after buying two paintings at a Christie's auction for more than $70 million combined.

He managed to rebuild the world's largest fortune after splitting about $150 billion with his then-wife in a 2019 divorce.

The 13,600-square-foot mansion won't help Bezos' personal carbon footprint; nor will his new yacht. The 127-meter vessel will reportedly be the largest sailing yacht ever built in the Netherlands. It will require a motorized support yacht with a helipad, at least partly because its three masts are so massive that a helicopter can't land on its deck.

Also on rt.com Amazon buys out MGM studios for $8.45 billion, but tech giant remains in antitrust spotlight

Like this story? Share it with a friend!

Dear readers and commenters,

We have implemented a new engine for our comment section. We hope the transition goes smoothly for all of you. Unfortunately, the comments made before the change have been lost due to a technical problem. We are working on restoring them, and hoping to see you fill up the comment section with new ones. You should still be able to log in to comment using your social-media profiles, but if you signed up under an RT profile before, you are invited to create a new profile with the new commenting system.

Sorry for the inconvenience, and looking forward to your future comments,

RT Team.

Podcasts