Jeff Bezos plans to sell up to 50 million shares of Amazon.com Inc. over the next 12 months, with the potential to cash in on a stock rally that has put him close to becoming the richest person in the world.
This comes after Amazon announced the best growth in online sales since the beginning of the Corona epidemic, which resulted in its stock rising by approximately 8%, recording $172.
Bezos' wealth jumped by an amount commensurate with the rise in stocks, as it increased by approximately $13 billion today, putting him behind first-place Elon Musk by approximately $5.7 billion, according to the Bloomberg Billionaires Index. Bezos has not ranked first in the index since 2021.
Bezos' wealth
The gap between Bezos and Musk is starting to narrow as Amazon and Tesla shares move in opposite directions. Amazon benefited from a rebound in technology stocks that lifted US stock indices to all-time highs, while Tesla was hit by a series of negative news.
Musk's fortune could also take a hit after a Delaware state court judge overturned his $55 billion pay package this week.
Bezos, 60, laid out a trading plan to sell 50 million shares at any time before January 31, 2025, according to the filing, which would be worth about $8.6 billion at the current share price.
Amazon announced plans to sell shares by Bezos, other board members and senior executives in its annual report, to comply with new US Securities and Exchange Commission rules that require more transparency for corporate insiders who sell shares under prearranged trading plans.
A spokesman for the Seattle-based company declined to comment on plans to sell shares.
Buy one share
If Bezos implements his plan, this will be the first time he has sold shares of Amazon since 2021. However, he bought one share of the company last May, in a purchase that was the first recorded for him in records dating back to 2002, although there is no explanation for it. .
The Amazon co-founder recently announced that he would be moving to the Miami-Seattle area, meaning Washington state could lose out on exceptional dividend tax gains from any potential stock sale. Washington recently introduced a capital gains tax, while Florida does not.
