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Warren Buffett: Amazon's Bezos 'Most Remarkable Business Person of Our Age'

Image: Warren Buffett: Amazon's Bezos 'Most Remarkable Business Person of Our Age'

Jeff Bezos (Mark Wilson/Getty Images) and Warren Buffet (Alex Wong/Getty Images)

By    |   Monday, 08 May 2017 06:47 AM

Warren Buffett praised Amazon's Jeff Bezos on CNBC and at the Berkshire Hathaway annual meeting last week as the wealth of the e-commerce giant continues to grow.

The Wall Street firm Needham & Company is projecting that Amazon's dominance of online sales in the United States will grow from 34 percent to 50 percent by 2021, reported Fortune magazine.

Bezos continued that success while guiding the Washington Post and spaceflight service company Blue Origin.

"I've never seen a guy succeed in two businesses almost simultaneously that are really quite divergent in terms of customers and all the operations," Buffett said on CNBC's "Squawk Box," which aired Friday. "I can't think of another example like it."

At the Berkshire Hathaway annual meeting on Saturday, Buffett and investor Charlie Munger continued their praise of Bezos and his ability to grow varying businesses, said the Business Insider.

"At the Washington Post, he's played that hand incredibly," Buffett said. "He's been involved in the actual execution not just bank rolling the operation."

Munger added that "Bezos is a different species."

According to the Bloomberg Billionaire Index, Bezos has grown his wealth by $15.6 billion so far this year, easily the best showing out of top 10 billionaires on the list.

The growth moved Bezos overall ($81 billion) to third place on the list behind Bill Gates ($87.3 billion) and Spanish retailer Amancio Ortega ($82.8 billion). Buffett is fourth at $74.9 billion.

Forbes, which has estimated Bezos real time net worth at $79.8 billion as of Monday, reported that his stock climb has been due to in part to Amazon's rising cloud-computing unit, Amazon Web Services.

Amazon Web Services has become an umbrella for what the company is doing from streaming services and game development to artificial intelligence, analytics, and mobile services, according to its website.

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Warren Buffett praised Amazon's Jeff Bezos on CNBC and at the Berkshire Hathaway annual meeting last week as the wealth of the e-commerce giant continues to grow.
warren buffett, amazon, bezos
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2017-47-08
Monday, 08 May 2017 06:47 AM
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