Bezos shift at Amazon adds to big tech succession

World

Bezos shift at Amazon adds to big tech succession

Sector’s fortunes are being ploughed into expansive projects as pioneers break free from corporate constraints

Richard Waters

The news this week that Jeff Bezos wants more time to dabble in space exploration and tackle climate change may seem to have come out of the blue, but it hardly took close watchers of the Amazon chief executive by surprise.

Tech’s biggest personal fortunes are being ploughed back into expansive projects with some of the most successful and richest founders of the era itching to break away from their normal corporate constraints.

For investors with an eye on the more immediate, this raises obvious worries. Big tech is facing a serious public reckoning: it hardly seems to help if industry leaders such as Bezos are shifting their attention elsewhere. Just months after facing his first grilling from a congressional committee in Washington — and after a year in which he was forced to take a much closer involvement in day-to-day management to deal with the Covid-19 crisis — the Amazon founder has yielded to an urge to break free...

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