Jeff Bezos is renowned for his patient, long-term approach to investment and willingness to lose money and be “misunderstood” for years. He has used it to invent new technology businesses that have won widespread admiration, even though their profitability remains meagre. He has never used it to save a struggling old one.
But that is the task he’s taken on by buying the Washington Post . “Really?” said one shocked former Amazon executive when told about the $250m deal on Monday. “My initial reaction is: that’s weird.”
Mr Bezos is buying the Post via one of his own investment vehicles, not through Amazon, a structure that has raised questions about whether the deal is about a hobby, civic-mindedness, a desire to shape public opinion, or a hard-nosed business bet.