Jeff Bezos Sells $2 Billion Worth of Amazon Stock, Nears Overtaking Elon Musk as World’s Richest Man
Jeff Bezos, the founder and executive chairman of Amazon, has strategically sold 12 million shares of the company’s stock, netting him approximately $2 billion. This move is part of Bezos’ plan to divest a total of 50 million shares by the end of the year, in accordance with a previous announcement by the company.
The value of Amazon’s stock has experienced a significant increase, which has boosted Bezos’ estimated wealth and has positioned him to potentially overtake Elon Musk as the world’s richest person. As of December, Bezos owned nearly 10% of Amazon, totaling 988 million shares with an approximate value of $168 billion. However, with the surge in Amazon’s stock this year, Bezos’ estimated wealth has risen by $22.6 billion. According to the Bloomberg Billionaires Index, Bezos now occupies the second spot on the list of the world’s richest individuals, with a net worth of $200 billion.
Prior to the recent stock sale, Bezos’ net worth was only $5 billion behind that of Elon Musk, the CEO of Tesla. Musk’s net worth has since increased to $209 billion, but Bezos is now within reach of overtaking him as the world’s richest person.
Jeff Bezos first claimed the title of the world’s richest person in 2017, surpassing Bill Gates. He held this position consistently from 2018 through 2021, until Musk overtook him. This year, Bezos’ wealth has soared, while Musk’s has declined by $29 billion due to setbacks in Tesla’s stock value and a legal ruling invalidating Musk’s compensation package at the company.
Different lists of billionaires provide varying rankings. Forbes currently places Musk as the second richest person, with Bernard Arnault taking the top spot. However, Bloomberg ranks Musk as the richest individual, with Bezos slightly behind.
Bezos has previously sold significant portions of his Amazon holdings, including $2.5 billion in 2021 as part of his transition from CEO to executive chairman. In 2020, he sold $1.8 billion worth of shares following a surge in Amazon’s stock, and in 2019, he divested approximately $2.8 billion worth of the company’s stock.
Representatives for Amazon and Bezos have not yet provided a comment on the recent stock sale.
In his pursuit of becoming the world’s richest person once again, Bezos’ latest move may signal a shifting of fortunes in the billionaire rankings. With the continued success of Amazon and its rising stock value, Bezos could soon overtake Musk in this closely watched battle of the titans.
Analyst comment
Positive news. As Jeff Bezos strategically sells a significant amount of Amazon stock, he is nearing overtaking Elon Musk as the world’s richest man. With the rise in Amazon’s stock value and Bezos’ planned divestment of shares, he has a strong chance of regaining the top spot in the billionaire rankings. The market could see increased interest in Amazon stock as investors monitor this closely watched battle of the titans.
