US financial weekly Barron’s coverpaged on its May 31,1999 edition a story, ‘Amazon.bomb’, which called Amazon CEO Jeff Bezos “just another middleman” and suggested his model was not going to be a real winner.
“The idea that Amazon CEO Jeff Bezos has pioneered a new business paradigm is silly. He’s just another middleman, and the stock market is beginning to catch on to that fact. The real winners on the ‘Net will be firms that sell their own produce directly to consumers,” the piece said.
Long story short: Barron’s proved to be no Nostradamus, Amazon is the largest internet company by revenue in the world, and Jeff Bezos is now the world’s richest person going by Forbes Billionaires Index.
Bezos tweeted out this old article on Monday, saying, “Listen and be open, but don’t let anybody tell you who you are. This was just one of the many stories telling us all the ways we were going to fail. Today, Amazon is one of the world’s most successful companies and has revolutionised two entirely different industries.”
Listen and be open, but don’t let anybody tell you who you are. This was just one of the many stories telling us al… https://t.co/P5tuLC8AuM
— Jeff Bezos (@JeffBezos) 1633922938000
But the thunder was stolen a bit by Elon Musk, CEO of SpaceX and Tesla, and Bezos’s close rival in the billionaires top slot, who responded to the tweet with a silver medal emoji.
Musk is the world’s richest person now according to the Bloomberg Billionaires Index, in which Bezos is placed second. Musk is runner-up in the Forbes list.