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Jeff Bezos Shares Old Article, Elon Musk Responds to Amazon’s Failure Prediction

In 1999, news magazine Barron’s predicted that Amazon stock would crash.

In 1999, the American magazine Barron published a cover story titled “Amazon.bomb”. The story predicted that Amazon’s stock price would come down and that the real winners of the Internet boom were “firms that sell their products directly”. Dismissing Amazon founder Jeff Bezos as “just another middleman”, the story read: “The idea that Amazon CEO Jeff Bezos pioneered a new business paradigm is silly.”

It’s safe to say that the article didn’t age well. More than two decades later, Amazon has a market cap of $1.6 trillion and Jeff Bezos is counted among the richest people in the world. Mr Bezos shared Barron’s cover story on social media today with an inspirational message.

“Listen and be open, but don’t let anyone tell you who you are,” he wrote. Mr Bezos said the story was one of several that predicted Amazon’s failure. “Today, Amazon is one of the most successful companies in the world and has revolutionized two completely different industries,” he concluded, sharing a photo from the 1999 article.

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

SpaceX and Tesla CEO Elon Musk replied to the tweet with a silver medal emoji. For those unaware, Mr. Musk overtook the Amazon boss as the world’s richest person last month and took a jibe at him by saying Forbes In an email that he would send Jeff Bezos a silver medal to become the second richest man in the world. Elon Musk wrote in his brief email, “I am sending Jeffrey B. a giant statue of the number ‘2’ with a silver medal.”

Netflix co-CEO also responded to Mr Bezos’ tweet

In the meantime, take a look at some of the other reactions to Jeff Bezos’ post:

Jeff Bezos stepped down as the CEO of Amazon in July this year. Under him, Amazon grew from an online marketplace for books to the largest e-commerce company in the world.

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