Andy Jassy Owns More Amazon Stock Than Any Employee Except Jeff Bezos. Even so, he isn’t a billionaire
Jeff wilke net worth : In a message to staff on Tuesday, Amazon founder Jeff Bezos underlined that his chosen successor, Andy Jassy, had been with the firm almost as long as he has.
Amazon was a young online bookseller with less than 300 workers and $32 million in revenues when Jassy arrived in 1997, three years after its start.
The Harvard Business School graduate would help come up with the idea for Amazon Web Services, the company’s cloud computing division, and then spend 14 years growing it into the company’s great
est moneymaker, with Netflix, Zoom, and ESPN among its clients. In 2020, the division made $45 billion in sales, up 30% from the previous year.
It is significantly more profitable than Amazon’s larger retail division, accounting for roughly 60% of the company’s operational income.
Jassy is well compensated for his services, collecting $349,000 in 2019 plus a security detail.
However, he has received a comparatively small number of Amazon shares. Currently, the next CEO has only 81,500 shares, worth around $275 million.
He has additional $162 million in projected cash and assets, from selling shares over the years, which gives him a net worth of roughly $440 million.
Is that enough for a comfortable lifestyle? Yes. However, it demonstrates how difficult it is to develop money as a hired employee, even at one of the world’s most successful corporations, with a market worth of $1.69 trillion.
Since the company’s inception, Jeff Bezos has kept a tight grip on its ownership, retaining a roughly 42 percent interest when it went public in 1997.
Even after giving his ex-wife MacKenzie a quarter of his stock in a divorce settlement and selling chunks of stock to pursue other interests (financing his space endeavour Blue Origin, buying the Washington Post), he still owns 53 million shares, or 11% of the corporation. With a fortune of $195 billion, he is the richest man on the globe.
None of Bezos’ other top aides have gotten rich off the stock, at least not billionaire rich.
Take, for example, Jeff Wilke, Amazon’s consumer chief, who has been with the firm for nearly two decades and has long been regarded as the company’s second-most significant figure.
Based on around 49,000 shares and an estimated $245 million in cash from stock sales, he is worth nearly $400 million. Wilke announced his departure from the company in early 2021 last year.
“I don’t have a new job, and I’m as happy and proud of Amazon as I’ve ever been,” Wilke wrote to employees in an email. “We put in long hours. And we had a great time.
So, why are you leaving? It’s just a matter of time… It’s past time for me to rekindle old passions that have languished for more than two decades.”
Jeff Blackburn is another high-ranking executive who owns a small percentage of the company.
He joined the company in 1998 after assisting with its first public offering the previous year.
In 2006, he joined Bezos’ “S-Team,” an exclusive group of advisors, and has since headed a number of companies, including Prime Video, Amazon Studios, Amazon Music AMZN -1.2 percent, and Amazon Advertising.
Based on around 67,000 shares and an estimated $118 million in cash from stock sales, he is worth $345 million.
Last year, Blackburn took a one-year sabbatical, presumably to take a break from the rigorous schedule.
The only other person known to have become a billionaire as a result of Amazon’s rapidly soaring shares is MacKenzie, his ex-wife. In 1993, they married, a year before Bezos began selling books from his garage.
She acquired 19.7 million shares in a divorce settlement in 2019, making her the world’s third richest woman, behind L’Oreal billionaire Francoise Bettencourt Meyers and Walmart heir Alice Walton.
Of course, not all IT business founders maintain such a large percentage of the company’s stock.
Facebook has produced a slew of billionaires, including the company’s three founders as well as some hired guns like COO Sheryl Sandberg and former vice president Jeff Rothschild.
Another billionaire who did not establish Google is Eric Schmidt, who was named its first CEO in 2001.
However, Jassy has plenty of company among tech CEOs who aren’t quite billionaires, like Microsoft’s Satya Nadella.