Jeff Bezos, the founder of the global online shopping behemoth, Amazon, has recently sold approximately 12 million shares of his company, as revealed by documents submitted to the US Securities and Exchange Commission.
This sizeable transaction, which is Bezos’ first sale of Amazon shares since 2021, amounts to a total of roughly $2 billion. The exact motivations for the sale have not been publicly disclosed by the company.
The timing of the sale is quite opportune, as Amazon’s share price is currently at its highest level since November 2021. This surge in share price, which currently hovers around $170 per share, has been driven by the company’s strong performance and better-than-expected financial results.
Earlier this month, Amazon announced plans to sell a total of 50 million shares owned by Bezos. This sale is expected to be executed in parts, as per the sales plan, and is projected to conclude by January 2025. The entirety of the 50 million shares would be valued at roughly $8.5 billion.
Could Bezos’ Motive Be to Overtake Musk?
Depending on the source of the rankings, Jeff Bezos is currently considered the second or third wealthiest individual in the world.
The recent rise in Amazon’s stock price has boosted Bezos’ net worth by over $22 billion this year alone. In contrast, the net worth of Elon Musk, the CEO of Tesla, has seen a decrease due to a decline in the value of Tesla’s stock.
Bezos, who held the title of the world’s richest person from 2018 to 2021, could potentially reclaim this position from Musk as a result of his ongoing sales plan.
According to Bloomberg’s Billionaire Index, Musk’s current net worth stands at $209 billion, while Bezos’ is $200 billion. The third richest individual is Bernard Arnault, the managing director of French luxury goods manufacturer LVMH, with a net worth of $191 billion.
The news about Bezos’ stock transactions was first reported in Finland by STT and other sources, including Yle.