Jeff Bezos, the founder of Amazon, has sold approximately 12 million shares of the company for around $2 billion. This was revealed through documents made public by the US Securities and Exchange Commission. The sale marks the first time Bezos has sold Amazon shares since 2021 and coincided with a recent peak in the share price.
The reason for Bezos’ decision to sell his shares has not been disclosed, but it may have been due to better-than-expected results or other factors that led him to decide to divest some of his holdings. The timing of the sale was also opportune as Amazon’s stock price had recently reached its highest point since November 2021, up over $170.
In addition to Bezos’ sale, it was announced that Amazon plans to sell a total of 50 million shares. This sale will take place in stages according to a sales plan and is expected to be finalized by January 2025. The 50 million Amazon shares would amount to approximately $8.5 billion.
As a result of the rise in Amazon’s stock price at the beginning of the year, Bezos’ net worth has increased by over $22 billion this year. However, this increase has come at the expense of Elon Musk’s wealth, which decreased primarily due to Tesla’s drop in stock value. With this new sales plan, Bezos may once again become Musk’s rival as the world’s richest person from 2018 to 2021 and possibly beyond.
According to Bloomberg’s billionaire index, Musk’s wealth amounts to $209 billion while Bezos’ wealth is estimated at $200 billion. Bernard Arnault, managing director of LVMH luxury goods manufacturer, currently holds third place on the list with a net worth of $191 billion.