Jeff Bezos Is Buying the Washington Post

Jeff Bezos Is Buying the Washington Post

"Bezos himself (not Amazon) is paying $250 million for the company's entire newspaper publishing business."

His net worth is $25 billion, so he's only invested 1% of it. If your net worth is $500,000, making you quite healthy financially, 1% of your worth would be $5,000. Yeah, that's right. Bezos buying the Washington Post is like you buying a nice riding mower. In other words, he's so rich he can afford to make massive losing investments for the prestige value alone. As the article points out:

"The Wall Street Journal sold six years ago for $5 billion; the WaPo is selling for 1/20th of that. That's the direction the newspaper business is headed. It is becoming a boutique business for extremely rich people— a way for them to luxuriate in the prestige, and cultural respect, and political influence that newspapers still command, to some extent."