Jeff Bezos intends to sell up to 50 million shares of Amazon.com Inc. over the next 12 months.
The successful implementation of the mentioned plan related to the securities of the e-commerce giant could potentially bring Mr. Bezos significant income. The rise in the value of the company’s shares brought him closer to being named the richest person in the world.
The intention to sell shares of the e-commerce giant became known after Amazon published data on the best increase in online sales since the beginning of the coronavirus pandemic. Against the background of the relevant news, the value of the company’s securities increased by almost 8%, to $172.
At the end of last week, Mr. Bezos’s wealth grew by $12.1 billion. This figure is $8.1 billion less than Elon Musk’s wealth. Jeff Bezos has not been the richest person in the world since 2021.
The gap between Elon Musk and the founder of Amazon and the aerospace company Blue Origin is narrowing. This trend is because currently, the dynamic of the value of shares of Tesla and the e-commerce giant has a different vector. Amazon has benefited from a rebound in tech shares when the stock indexes of the United States rose to an all-time high. Tesla is currently in a difficult position in terms of the company’s financial condition and related prospects. A negative influence on Elon Musk’s wealth could potentially be the fact that a Delaware judge canceled his $55 billion pay package last week.
Jeff Bezos has adopted a trading plan to sell 50 million shares at any time before January 31 next year. The relevant data is contained in a filing by the founder of Amazon publicized at the end of last week. At the current share price, the profit from the sale of 50 million securities of the e-commerce giant could amount to about $8.6 billion.
Amazon disclosed information about the planned sale of shares of Jeff Bezos, other board members, and senior executives in its annual report by new rules of the Securities and Exchange Commission. The mentioned rules provide for a higher level of transparency for corporate insiders who sell securities as part of pre-arranged trading plans.
A spokesperson for Amazon did not provide any comment to a media request about the planned shares sales.
If Jeff Bezos implements his intention, this will be the first sale of shares of the e-commerce giant since 2021. He has sold one Amazon stock in May last year. His first registered purchase is dated 2002.
Jeff Bezos announced last November that he was moving to Miami from the Seattle area. This decision means that Washington State could miss out on the tax benefit of any potential stock sale. There is a capital gains tax in this region. There is no such tax rate in Florida.
Mr. Bezos left the post of chief executive officer of the company he founded in 2021. After that, he took the position of executive chairman of Amazon. The current chief executive officer of Amazon is Andy Jassy.
Miami has increasingly become a destination for the ultra-wealthy and their companies. This region has what can be described as a combination of lifestyle and low taxes.
As we have reported earlier, Meta, Amazon Surge by $272 Billion.