Jeff Bezos tweets 1999 article predicting Amazon failure, Elon Musk awards him silver medal

In 1999, an American magazine predicted the Amazon stock market crash, calling founder Jeff Bezos a mere “middleman”. Now, nearly a decade after the article was published, Bezos – who is among the richest people in the world – shared the magazine clipping as an anecdote to stress that one shouldn’t lose self-confidence on the basis of someone else’s judgment.

The article titled “Amazon.bomb” was published on May 31, 1999 and predicted the fall in the company’s stock amid increasing competition from direct sellers.

“The idea that Amazon CEO Jeff Bezos pioneered a new business paradigm is silly,” the article began featuring a cartoon of Bezos inside a bomb. Dismissing him as “just another middleman,” the article goes on to call direct sellers the “real winners” of the Internet boom. “Net will be companies that sell their own products directly to consumers.”

Read the whole post here:

While the prediction clearly did not come true, Bezos used the magazine cover to tweet an inspiring message. “Listen and be open, but don’t let anyone tell you who you are. This was just one of many stories telling us all of the ways we were going to fail. Today, Amazon is one of the most successful companies in the world and has revolutionized two completely different industries.

The tweet also received a response from Tesla CEO Elon Musk, who mocked Amazon founder and responded with a silver medal emoji.

For those who don’t know, in September of this year, Musk became the third person to raise a $ 200 billion fortune, overtaking Bezos to become the richest man in the world, according to Forbes. In an email interview with the website, Musk had responded that he would send a giant statue of the “number ‘2’ to Jeffrey B., along with a silver medal.”

Since being shared online, the post has gone viral on social media and sparked a plethora of reactions online.

“Inspirational advice on how to handle criticism with a touch of intelligent and nuanced emotional perspective!” Thanks, Jeff! One user wrote, retweeting the viral post.