Amazon Founder Jeff Bezos’ Fortune Grows as Online Sales Soar
Following Amazon’s announcement of its best online sales growth since the start of the pandemic, founder Jeff Bezos saw his fortune increase by nearly $13 billion on Friday. This propelled his net worth to fall about $5.7 billion behind Elon Musk, according to the Bloomberg Billionaires Index. Bezos has not held the top position on the index since 2021.
The gap between Bezos and Musk has been narrowing as Amazon and Tesla Inc. experience opposite movements in their stock prices. While Amazon has benefited from a rally in technology stocks that has sent US stock indexes to record highs, Tesla has been plagued by negative headlines.
In addition, Musk’s assets could potentially be affected after a Delaware judge annulled his $55 billion pay package this week.
Bezos, 60, has also adopted a trading plan to sell 50 million shares anytime before January 31, 2025, according to a document issued on Friday. At the current share price, the sale would be worth about $8.6 billion. Amazon has disclosed planned stock sales by Bezos, other board members, and senior executives in its annual report, as a part of new U.S. Securities and Exchange Commission regulations requiring greater transparency for insiders selling shares under pre-established trading plans.
Bezos has not sold Amazon stock since 2021, but he recently bought a single share of the company in May, his first purchase in records dating back to 2002.
In a surprising move, the Amazon co-founder recently announced his relocation to Miami from the Seattle area, which could potentially result in Washington state losing a tax windfall from any potential stock sale. Washington recently introduced a capital gains tax, something Florida does not have.
Amazon declined to comment on the planned stock sales.
If Bezos goes ahead with the plan, it would be the first time he has sold Amazon stock since 2021. However, he bought a single share of the company in May, his first purchase in records dating back to 2002, albeit without explanation. It remains to be seen how this will affect his net worth and the tech industry as a whole.