It has been a long, wild ride for Jeff Bezos, a man who, less than three decades ago, was selling used books out of his basement.

Now, he’s inarguably one of the most influential and wealthy people on the planet, and Amazon.com has become a veritable force to be reckoned with.  His success did make him a target, however, and there are plenty of folks out there who believe that Bezos is a cruel money-hoarder suffering from illusions of grandeur.

In a surprise move this week, the billionaire announced that he’ll no longer remain in his current role at the company.

Jeff Bezos is stepping down from his position as chief executive of Amazon.

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The company said Tuesday afternoon that Bezos “will transition to the role of Executive Chair in the third quarter of 2021 and Andy Jassy will become Chief Executive Officer at that time.”

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“Amazon is what it is because of invention. We do crazy things together and then make them normal,” Bezos sound in the company’s announcement.

Bezos continued:

“If you do it right, a few years after a surprising invention, the new thing has become normal. People yawn. That yawn is the greatest compliment an inventor can receive. When you look at our financial results, what you’re actually seeing are the long-run cumulative results of invention. Right now I see Amazon at its most inventive ever, making it an optimal time for this transition.”

Amazon’s stock price dipped in early trading on Wednesday, likely on account of the news.

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