Jeff Bezos, the richest man in the world, is officially stepping down as Amazon (AMZN) - Get Report CEO on July 5. During the company's annual shareholder meeting on Wednesday, Bezos made that announcement.
It's fascinating to see how Bezos built an empire in online business with Amazon, which was started to sell books online in 1994.
Bezos is not limited to online business either. He has been heavily investing in media industry. The purchase of MGM Studios is the latest example.
Besides competing with Tesla (TSLA) - Get Report CEO Elon Musk to becoming the richest man, both men are also competing to get the first tourist on the moon. Musk owns SpaceX, whereas Bezos has Blue Origin.
What’s the secret to a successful business? Bezos says it all comes down to putting customers first.
"There are many ways to center a business. You can be competitor focused, you can be product focused, you can be technology focused, you can be business model focused, and there are more," said Bezos, in 2017. "But in my view, obsessive customer focus is by far the most protective of Day 1 vitality.”
Check out the video above to know more.