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Jeff Bezos’ $2 billion Amazon share sale could propel him back to the title of world’s richest man

ByEditor

Feb 11, 2024

Founder of the online shopping company Amazon, Jeff Bezos has sold approximately 12 million shares of Amazon. This sale was revealed through documents made public by the US Securities and Exchange Commission. The total value of the 12 million shares is around $2 billion. This is the first time Bezos has sold Amazon shares since 2021.

The exact reason for Bezos’ decision to sell his shares has not been disclosed by the company. However, the timing of the sale is opportune, as Amazon’s share price has recently reached a peak not seen since November 2021. Following better-than-expected results, the share price has increased by over $170.

In addition to the sale made by Bezos, it has been announced that Amazon plans to sell a total of 50 million shares. This sale will not occur all at once, but will take place in stages according to the sales plan. According to the documents, the sale 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. Meanwhile, the value of Elon Musk’s wealth has decreased, primarily due to the drop in Tesla’s stock. Bezos, who was previously the world’s richest person from 2018 to 2021, may once again overtake Musk with the sales plan.

According to Bloomberg’s billionaire index, Musk’s wealth amounts to $209 billion and Bezos’s wealth to $200 billion. Bernard Arnault, the Managing Director of the French luxury goods manufacturer LVMH, has a net worth of $191 billion, making him the third richest person in the world.

By Editor

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