Jeff Bezos intends to sell up to 50 million shares of Amazon.com Inc. during the next year, potentially capitalizing on a stock rally that has put him on track to become the world’s richest person. The news comes as Amazon posted its highest online sales growth since early in the pandemic, pushing its stock up nearly 8% to $172. Bezos’ wealth increased by $12.1 billion on Friday, putting him $8.1 billion behind first-place Elon Musk, according to the Bloomberg Billionaires Index. Bezos hasn’t topped the index since 2021.
The gap between Bezos and Musk has narrowed as Amazon and Tesla Inc. stock prices go in different directions
The gap between Bezos and Musk has narrowed as Amazon and Tesla Inc. stock prices go in different directions. Amazon has profited from a comeback in tech equities, which has propelled US stock indexes to all-time highs, whereas Tesla has been plagued by a slew of bad news. Musk’s fortune could potentially suffer as a Delaware judge overturned his $55 billion compensation package this week. According to a filing Friday, Bezos, 60, has set up a trading strategy to sell 50 million shares by January 31, 2025. At today’s share price, that would be worth approximately $8.6 billion.
Amazon reported the planned stock transactions of Bezos, other board members, and senior executives in its annual report, following new Securities and Exchange Commission guidelines that require greater openness for corporate insiders who sell shares through pre-arranged trading strategies. A representative for the Seattle-based corporation declined to comment on the upcoming stock sale. If Bezos follows through on the proposal, it will be the first time he has sold Amazon stock since 2021. He did purchase a single share of the company in May, his first recorded acquisition in records dating back to 2002, but without explanation. The Amazon co-founder recently revealed that he will relocate to Miami from the Seattle area, which means Washington state may miss out on a tax windfall from any prospective share sale. Washington just enacted a capital gains tax, whereas Florida does not have one.