Miguel and Jackie Bezos took a massive gamble in 1995 by committing roughly $250,000 to their son Jeff's online bookstore despite facing a 70 percent chance of total loss. This pivotal financial support was made possible by Miguel's long-term career at Exxon after he arrived from Cuba in 1962 under Operation Pedro Pan. He had secured an engineering degree, married Jackie, and adopted four-year-old Jeff in 1968 before building the family's savings. With stock splits over the following decades, that initial family investment could be worth over $90 billion today.
Key points
The initial $250,000 investment in Amazon could be valued at more than $90 billion today…: The initial $250,000 investment in Amazon could be valued at more than $90 billion today assuming the original shares were retained.
Miguel Bezos secured the capital to fund the venture through a three-decade career in eng…: Miguel Bezos secured the capital to fund the venture through a three-decade career in engineering and management at Exxon.
Jeff Bezos was adopted by Miguel in 1968 after Miguel met his mother Jackie while attendi…: Jeff Bezos was adopted by Miguel in 1968 after Miguel met his mother Jackie while attending university.
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At 16, Miguel Bezos left Cuba for the United States with just three shirts, three pairs of trousers, a pair of shoes and a handmade jacket. Arriving as an unaccompanied teenager during a period of political upheaval in Cuba, he had to rebuild his life in a country where he did not even speak the language. Over the next three decades, he completed his education, established a career in engineering and management, and started a family. In 1995, 33 years after leaving Cuba, he and his wife, Jackie Bezos, invested nearly $250,000 of their hard-earned savings in their son
Jeff Bezos' fledgling online bookstore, Amazon, despite being warned that they could lose the entire amount. That early investment, based on subsequent stock splits and assuming the original shares were retained, could be worth more than $90 billion today, exceeding the annual GDP of more than 100 countries.
Jeff Bezos’ father fled Cuba as a teenager under Operation Pedro Pan
Born in Santiago de Cuba, Miguel Bezos left his home country in 1962 as part of Operation Pedro Pan, a programme…
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