Jeff Bezos, the founder of Amazon.com Inc. (AMZN), is reportedly planning to sell up to 50 million of his Amazon shares over the next year. This move comes as the company’s stock continues to soar, bringing Bezos closer to reclaiming the title of the world’s richest person.
The disclosure to sell Bezos’ Amazon shares was revealed in a filing on Friday. According to the filing, Bezos has implemented a trading strategy to offload 50 million shares at any time before January 31, 2025. This news was reported by Bloomberg.
The potential sale, which could be worth around $8.6 billion at the current share price, would mark the first time Bezos has sold Amazon stock since 2021.
This development follows Amazon’s report of its highest online sales growth since the early days of the pandemic. The company’s shares surged by 8%, reaching $172.
Consequently, Bezos’ wealth increased by $12.1 billion, bringing him within $8.1 billion of surpassing Elon Musk as the world’s richest person, according to the Bloomberg Billionaire Index. Bezos hasn’t held the top position on the index since 2021.
The gap between Bezos and Musk has been narrowing as Amazon’s shares rise while Tesla Inc. faces challenges. Musk’s wealth could also be affected by a recent court decision that voided his $55 billion pay package.
It’s not just Bezos and Musk who are seeing significant increases in their wealth. Meta Platforms Inc.’s CEO Mark Zuckerberg has also experienced a surge in his wealth due to the soaring stock price of his company. This has led to speculation that he could soon overtake Bill Gates as the world’s fourth-richest person.
It’s clear that the fortunes of these tech billionaires are closely tied to the performance of their respective companies. As Amazon and Meta Platforms continue to thrive in the current market, Bezos and Zuckerberg’s wealth is expected to keep growing.
In conclusion, Jeff Bezos’ plan to sell up to 50 million of his Amazon shares over the next year reflects the ongoing success of the company and brings him closer to reclaiming the title of the world’s richest person. With Amazon’s stock continuing to soar, it will be interesting to see how Bezos’ wealth evolves in the coming months and whether he will surpass Elon Musk once again.
