Jeff Bezos will sell 50 million shares of Amazon. international business news
jeff bezos Plan to sell up to 50 million shares Of Amazon.com Inc. could potentially cash out in the next 12 months store This surge has brought him within reach of becoming the richest person in the world.
The revelation comes after Amazon reported its best online sales growth since the start of the pandemic, sending its shares up nearly 8% to $172. Bezos’ Property With a rise of $12.1 billion on Friday, he fell behind first-place Elon Musk by $8.1 billion, according to the Bloomberg Billionaires Index. Bezos has not been number 1 on the index since 2021.
The gap between Bezos and Musk is closing as shares of Amazon and Tesla Inc. move in opposite directions. Amazon has benefited from a surge in tech stocks that has sent US stock indexes to all-time highs, while Tesla has been surrounded by a series of negative headlines. Musk’s wealth could also be hit after a Delaware judge this week struck down his $55 billion pay package.
Bezos, 60, adopted a trading plan to sell 50 million shares at any time before Jan. 31, 2025, according to a filing on Friday. At the current share price it would be worth about $8.6 billion.
Amazon disclosed planned stock sales by Bezos, other board members and senior executives in its annual report, complying with new Securities and Exchange Commission rules for corporate insiders selling shares under pre-arranged trading plans. Transparency is required.
A spokesman for the Seattle-based company declined to comment on the planned stock sale.
If Bezos follows through on the plan, it would be the first time he has sold Amazon stock since 2021. He bought a share of the company in May, his first recorded purchase on record in 2002, although without any explanation.
The Amazon co-founder recently announced he is moving from the Seattle area to Miami, meaning Washington state could miss out on tax benefits from any potential share sale. Washington has recently introduced a capital gains tax, while Florida has not.
The revelation comes after Amazon reported its best online sales growth since the start of the pandemic, sending its shares up nearly 8% to $172. Bezos’ Property With a rise of $12.1 billion on Friday, he fell behind first-place Elon Musk by $8.1 billion, according to the Bloomberg Billionaires Index. Bezos has not been number 1 on the index since 2021.
The gap between Bezos and Musk is closing as shares of Amazon and Tesla Inc. move in opposite directions. Amazon has benefited from a surge in tech stocks that has sent US stock indexes to all-time highs, while Tesla has been surrounded by a series of negative headlines. Musk’s wealth could also be hit after a Delaware judge this week struck down his $55 billion pay package.
Bezos, 60, adopted a trading plan to sell 50 million shares at any time before Jan. 31, 2025, according to a filing on Friday. At the current share price it would be worth about $8.6 billion.
Amazon disclosed planned stock sales by Bezos, other board members and senior executives in its annual report, complying with new Securities and Exchange Commission rules for corporate insiders selling shares under pre-arranged trading plans. Transparency is required.
A spokesman for the Seattle-based company declined to comment on the planned stock sale.
If Bezos follows through on the plan, it would be the first time he has sold Amazon stock since 2021. He bought a share of the company in May, his first recorded purchase on record in 2002, although without any explanation.
The Amazon co-founder recently announced he is moving from the Seattle area to Miami, meaning Washington state could miss out on tax benefits from any potential share sale. Washington has recently introduced a capital gains tax, while Florida has not.
