April 14, 2024
Bezos reveals plan to sell 50 million Amazon shares as stock surges

(Bloomberg) — Jeff Bezos plans to buy Amazon.com Inc. within the next 12 months. Plans to sell more than 50 million shares of Inc., potentially taking advantage of the stock’s surge to put him within reach of becoming the world’s richest person.

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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. According to the Bloomberg Billionaires Index, Bezos’ wealth increased by $12.1 billion on Friday, leaving him $8.1 billion behind first-place Elon Musk. 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.

Read more: Tesla gets a $94 billion reality check as EV winter sets in

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.

Read more: He evaded California taxes. Now he’s fighting them in Washington

–With assistance from Jack Witzig.

(Updated with closing numbers)

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Source: finance.yahoo.com

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