Amazon's Jeff Bezos invests $5 million in Business Insider
Jeff Bezos, founder of Amazon, has invested $5 million in financial news site Business Insider.
Business Insider’s chief executive and editor-in-chief Henry Blodget confirmed that Bezos had put $5 million towards the development of the site's technology and product teams, editorial operation, sales and marketing and subscription and events.
Bezos’ input to the site, which attracts 24 million unique visitors every month, comes as part of a round of investments, which so far stands at a total of $18.6 million over the past five years.
Blodget described the deal in a full internal memo, which was published on Business Insider yesterday, 5 April. He said: "Jeff's vision, leadership, and philosophy at Amazon have inspired a whole generation of startups and entrepreneurs, including me."
Blodget wrote: "Amazon has always focused on customers first, knowing that, if they do a great job at that, everything else will take care of itself. This obsession with customers and long-term focus are the reasons that Amazon has been so successful. And this philosophy is something that we very much want to emulate."
Blodget went on to say that any future coverage of Amazon on Business Insider would include a statement of disclosure about the investment.