- Live Stories
- Young Minds
Couple who bought 2 shares of Amazon in 1997, now plan to buy a house
Mary and Larry’s son Ryan wanted to cash in the stock after a few years but they insisted that he should hold them.
Amazon CEO Jeff Bezos in his recent shareholder letter shared a note from a couple who wrote to him that they bought just two shares of the company in 1997 and are now using the proceeds to buy a house. When Amazon was still a new book-selling company in 1997, the couple bought two shares for their 12-year-old son.
Mary and Larry’s son Ryan wanted to cash in the stock after a few years but they insisted that he should hold them. The family has likely seen a six-digit return on their investment.
Now 24 years later, the online book retailer is one of the largest corporations in the world. According to the data compiled by Business Insider it is not specified when the purchase occurred but if the couple bought shares at the closing price on Amazon’s IPO day, it has made around 172,449 per cent. This means the family’s shares are now worth around USD 81,908.
Ryan will be buying a house this year and will sell some of the shares to fund the purchase.
At the end of the letter to the Amazon CEO, the couple said, “P.S. We wished we had bought 10 shares!”
Jeff Bezos that people tell him such stories all the time. “I know people who’ve used their Amazon money for college, for emergencies, for houses, for vacations, to start their own business, for charity – and the list goes on. I’m proud of the wealth we’ve created for shareowners. It’s significant, and it improves their lives,” he wrote.