Jeff Bezos Re-Posted An Old Article That Predicted Amazon's Demise, Elon Musk Has Responded
"The concept that Amazon CEO Jeff Bezos has pioneered a new business paradigm is ludicrous," the piece said, dismissing Jeff Bezos as "simply another middleman."
Barron's magazine in the United States published a cover storey titled "Amazon.bomb" in 1999. The piece projected that Amazon's stock price would plummet and that "firms that sell their own products directly" would be the true winners of the Internet boom. 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."
Listen and be open, but don’t let anybody tell you who you are. 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. pic.twitter.com/MgMsQHwqZl— Jeff Bezos (@JeffBezos) October 11, 2021
It's safe to conclude that the piece hasn't held up well over time. Amazon is now worth $1.6 trillion in market capitalization, and Jeff Bezos is one of the world's wealthiest people. Mr Bezos used social media today to post Barron's cover article, along with an encouraging message.
????— Elon Musk (@elonmusk) October 11, 2021
"Listen and be open," he wrote, "but don't allow anyone tell you who you are." Mr Bezos went on to say that this was only one of many stories that predicted Amazon's demise. "Today, Amazon is one of the world's most successful corporations, having revolutionised two completely different industries," he concluded, holding up a photo of the piece from 1999.
The deeper the doubts, the sweeter the success. https://t.co/dgrbu6yB3d— Reed Hastings (@reedhastings) October 11, 2021
With over 13,000 'likes,' Jeff Bezos' Twitter post has gone viral. While many in the comments area complimented the Amazon and Blue Origin founder for his ideas, most of the focus was on a message from Elon Musk, his longtime business competitor.
Lot of similarities with what’s has been going on with #Tesla for the past decade.— alseT (@LivingMuskDream) October 11, 2021
Elon Musk, the CEO of SpaceX and Tesla, simply replied with a silver medal emoji to the tweet. For the uninitiated, Mr Musk overtook Amazon CEO Jeff Bezos as the world's richest person last month, and he celebrated by informing Forbes in an email that he would send him a silver medal for becoming the world's second-richest person. "I'm sending a giant statue of the digit '2' to Jeffrey B., along with a silver medal," Elon Musk wrote in his short email. Netflix co-CEO also responded to Mr Bezos's tweet.
Jeff Bezos stepped down as Amazon's CEO in July this year. Under him, Amazon went from being an online marketplace for books to the world's largest e-commerce company.