Jeff Bezos will be stepping down as CEO of Amazon this summer, The New York Times reports.
He will be replaced by Andy Jassy, who currently serves as chief executive of Amazon's cloud computing division. Bezos will continue working with Amazon as executive chairman.
The news drops as Amazon announces that its profits in the final quarter of 2020 doubled to $7.2 billion. Amazon stock prices have also increased by 67 percent over the course of 2020.
Bezos had stepped away from much of the internal affairs of Amazon over the years, but became more involved in 2020 to help manage the company through the pandemic. His net worth has skyrocketed since its beginnings.
He is the first person in history to be worth over $100 billion, and maintained his status as the world's richest man from 2018 until January of this year, when he was surpassed by Elon Musk, who is the CEO of Tesla and SpaceX. Bezos is currently worth $185 billion.
Bezos also owns the Washington Post, which he purchased for $250 million in 2013.
This is a developing story.
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