Jeff Bezos has recently submitted a statement to federal agencies, disclosing his sale of approximately 12 million shares of Amazon stock, which amounts to a staggering value of over $2 billion.
A statement was made to the US Securities and Exchange Commission regarding the sale of a significant number of shares of common stock by the executive chairman of Amazon. The transactions took place on Feb. 7 and Feb. 8. The total worth of Amazon's shares, headquartered in Seattle, exceeded $2.042 billion, as per Yahoo News.
Jeff Bezos Plans $8.4B Amazon Stock Sale
NATIONAL HARBOR, MD - SEPTEMBER 19: Amazon CEO Jeff Bezos, founder of space venture Blue Origin and owner of The Washington Post, participates in an event hosted by the Air Force Association September 19, 2018 in National Harbor, Maryland. Bezos talked about innovating in large organizations as well as staying on the cutting edge in the space industry.
Separately, former Amazon CEO Jeff Bezos revealed in a filing with the SEC that he intends to sell 50 million shares of the company's stock, with an estimated value of $8.4 billion, probably around February 7. His previous investments, which ranged from 1 million to more than 3.2 million shares, were recently divided into five separate blocks, and this action follows suit.
Having stepped down as Amazon's CEO in 2021 to focus on ventures like Blue Origin and philanthropy, Bezos' decision to sell shares could be linked to various factors. While residing in Seattle, his official address on the filings, reports suggest he has relocated to Miami.
The motive behind Bezos' significant stock sale remains unclear. However, it does narrow the wealth gap between him and Tesla CEO Elon Musk. Prior to the sale, Bezos trailed Musk's net worth by only $5 billion, with Musk's fortune reaching $200 billion. Despite Musk's net worth rising to $209 billion, Bezos is in a position to potentially overtake him in the race to become the world's richest person.
Bezos first claimed the title of the world's richest person in 2017, surpassing Bill Gates, and held the position consistently until 2021 when Elon Musk took the lead. This recent surge in Bezos' wealth contrasts with a $29 billion decline in Musk's fortune, attributed partly to a decline in Tesla's stock and a court ruling voiding Musk's $55 billion compensation package at Tesla, according to US News.
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Amazon Stock Sales
As of February 1, Forbes' billionaires list ranks Musk as the second-richest person, trailing Bernard Arnault. Bloomberg's list, updated daily, currently places Musk at the top with Bezos closely behind. Musk's wealth primarily consists of his substantial holdings in Tesla, accounting for about 13% of the company's shares valued at approximately $73 billion. His investments in other ventures like SpaceX contribute to the rest of his fortune.
This planned stock sale is not Bezos' first. In 2021, he sold $2.5 billion in Amazon shares as he prepared to step down as CEO. Previous large-scale sales occurred in 2020 and 2019, totaling $1.8 billion and $2.8 billion, respectively.
Representatives for Amazon and Bezos have not yet responded to requests for comments on this recent stock sale. The move, however, will undoubtedly be closely monitored as it has the potential to reshape the rankings of the world's wealthiest individuals, Business Insider reported.
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