Jeff Bezos keeps a 16-year-old framed magazine as a 'reminder' that Amazon's most profitable service was once just a 'risky bet' (via CNBCMakeIt)
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 his wife, MacKenzie, drove west in 1994 to seek fame and fortune on the Net." Today, the cloud computing platform is known for helping revolutionize the world of online marketplaces, and is a huge factor behind Amazon's current market capitalization of $1.08 trillion, as of Friday afternoon.
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