Bezos Plans to Dispose of 50 Million Shares in Amazon and Nears the Summit of the World’s Wealthiest
The wealth of business magnate Jeff Bezos increased by approximately $13 billion in a single day following an 8% surge in “Amazon” shares. Bezos intends to sell up to 50 million shares of “Amazon.com” over the next year, capitalizing on the stock’s rise that brings him close to becoming the world’s richest person.
Topic
Details:
This move comes after “Amazon” announced strong growth in online sales, leading to an approximate 8% increase in the company’s stock, reaching $172. With the surge in “Amazon’s” stock, Bezos’ wealth jumped by an amount nearly equal to the stock increase, making him the second richest person globally with a difference of around $5.7 billion, according to Bloomberg’s billionaire index. It’s worth noting that Bezos hasn’t held the top position on the index since 2021.
The gap between Bezos and Elon Musk, the current leader, is narrowing due to the opposing movements of “Amazon” and “Tesla” stocks. “Amazon” benefited from the rise in technology stocks, while “Tesla” faced the impact of a series of negative news.
On the other hand
Musk’s wealth may be affected by a Delaware judge’s decision to cancel a $55 billion compensation package earlier this week.
“Bezos” has laid out a plan to sell 50 million “Amazon” shares over the next year, with an estimated value of about $8.6 billion at the current stock price. “Amazon” disclosed these plans in its annual report, aligning with the new rules of the U.S. Securities and Exchange Commission that impose greater transparency in stock selling operations.
The company has not publicly commented on these plans yet.
If the plan is executed, it will be the first time Bezos sells “Amazon” shares since 2021, despite purchasing a single share in May of last year, marking the first such transaction in records dating back to 2002.
Additionally, Bezos recently announced his move to Miami from the Seattle area, meaning Washington state may lose expected exceptional profits tax revenue from any potential sale of his stocks. It’s worth mentioning that Washington recently imposed a capital gains tax, while Florida does not.
Bezos Plans to Dispose of 50 Million Shares in Amazon