Jeff Bezos reveals plan to sell Amazon shares to millionaire Elon Musk economy

This information came to light later Amazon Shares rose nearly 8% to $172, reporting the best online sales growth since the start of the pandemic.

fate of Bezos The amount increased proportionately, according to the Bloomberg Billionaires Index, rising by about $13 billion on Friday and leaving first-place Elon Musk about $5.7 billion behind. Bezos has not topped the index since 2021.

Also read: Meta and Amazon add US$283 billion to market cap after earnings report

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 technology stocks that has pushed U.S. stock indexes to record highs, while Tesla has faced a series of negative headlines.

Musk’s wealth could also be affected after a Delaware judge this week voided 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 document released Friday. At the current share price, the sale would be valued at approximately $8.6 billion.

Amazon disclosed planned stock sales by Bezos, other board members and senior executives in its annual report, complying with new US Securities and Exchange Commission rules allowing insiders to sell shares under pre-established trading plans and greater transparency. Is required.

A spokesman for the Seattle-based company declined to comment on the planned stock sale.

If Bezos goes ahead with the plan, it would be the first time he has sold Amazon shares since 2021. However, he did buy a share of the company in May, his first purchase on record for 2002, though without explanation.

The Amazon co-founder recently announced he was relocating from the Seattle area to Miami, meaning Washington state could lose out on tax benefits from any potential stock sale. Washington recently introduced a capital gains tax, which Florida does not have.

Also read: Amazon bows to EU antitrust pressure: What will happen to iRobot?

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