Jeff Bezos Shared Old Article Predicting Amazon’s Failure. Elon Musk Replied

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Jeff Bezos Shared Old Article Predicting Amazon's Failure. Elon Musk Replied

In 1999, news magazine Barron’s predicted that Amazon’s stock would come crashing down

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. 

Jeff Bezos’s post on Twitter has gone viral with over 13,000 ‘likes’. While many in the comments section praised the Amazon and Blue Origin founder for his vision, most of the attention was focused on a comment from his longtime business rival, Elon Musk.

Elon Musk, CEO of SpaceX and Tesla, simply responded to the tweet with a silver medal emoji. For the uninitiated, Mr Musk surpassed the Amazon boss as the world’s richest person last month and took a celebratory crack at him by telling Forbes in an email that he would send Jeff Bezos 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

Meanwhile, here is a look at some other reactions to Jeff Bezos’s post:

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.

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