7 months ago
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Amazon laminitis Jeff Bezos erstwhile revealed that helium ne'er took further compensation during his tenure arsenic the CEO, saying helium was arrogant of this determination to forgo the banal grants and bonuses, contempt starring 1 of world’s astir invaluable companies.
Speaking astatine the 2024 New York Times DealBook Summit, Bezos revealed that helium asked the Amazon wide to “not to springiness maine immoderate comp,” citing his important ownership involvement successful the company. “I already owned a important magnitude of the company, and I conscionable didn’t consciousness bully astir taking more… I conscionable felt however could I perchance request much incentive?” helium said. Bezos reportedly took a wage cheque of $80,000 annually arsenic the CEO of Amazon.
A founder’s doctrine connected wealth
Bezos framed his approved arsenic emblematic of owner-operators. He emphasised that the founders turn their wealthiness by expanding the worth of their exiting equity and not by expanding their wage compensation.
“I conscionable would person felt icky astir it. And I’m really precise arrogant of that decision,” helium added.Along with this, Bezos besides projected a caller mode to measurement success. He believes that occurrence should not beryllium measured by idiosyncratic nett worthy but by the wealthiness created for others. “Somebody needs to marque a database wherever they fertile radical by however overmuch wealthiness they’ve created for different people… Amazon’s marketplace headdress is $2.3 trillion today… I’ve created thing similar $2.1 trillion of wealthiness for different people,” Bezos said, suggesting a “better list” than Forbes.
A silicon vale trend
The nary compensation attack of Amazon laminitis Jeff Bezos places him connected the database of different tech leaders who went up with symbolic oregon minimal salaries. Meta CEO Mark Zuckerberg followed the aforesaid argumentation of Apple co-founder Steve Jobs erstwhile it comes to drafting salary. Since, 2013, the Facebook cofounder has drawn lone $1 annually arsenic salary. Warren Buffett, president of Berkshire Hathaway besides took level $100,000 wage with nary stock-based bonuses for a agelong time.These choices bespeak a broader ethos successful Silicon Valley: that enactment is astir worth creation, not idiosyncratic enrichment.
