Between 1994 and 1999 Amazon lost more than $500 million, but at the end of this period its valuation was still more than $20 billion. At the start of 2000, Amazon. com underwent its first round of job cuts, sacking 150 staff or 2% of its worldwide workforce. Later in 2000, its valuation dropped to less than half.

Write an essay on the strategy of Amazon.com, exploring its history, different criteria for success and its future. See the Wired Magazine archive for profiles of Amazon (www.wired.com).