(Bloomberg) — Jeff Bezos plans to promote as many as 50 million shares of Amazon.com Inc. over the following 12 months, probably cashing in on a inventory surge that’s put him inside attain of changing into the world’s richest particular person.
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The disclosure comes after Amazon reported its finest on-line gross sales progress since early within the pandemic, sending its shares rallying by almost 8% to $172. Bezos’ wealth jumped a commensurate quantity, gaining $12.1 billion Friday to place him $8.1 billion behind first-place Elon Musk, based on the Bloomberg Billionaires Index. Bezos hasn’t been No. 1 on the index since 2021.
The hole between Bezos and Musk has been narrowing as Amazon and Tesla Inc. shares transfer in reverse instructions. Amazon has benefited from a rebound in tech shares that’s despatched US inventory indexes to all-time highs, whereas Tesla has been beset by a collection of detrimental headlines. Musk’s wealth may additionally take successful after a Delaware decide voided his $55 billion pay package deal this week.
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Bezos, 60, adopted a buying and selling plan to promote 50 million shares anytime earlier than Jan. 31, 2025, based on a submitting Friday. That might be value about $8.6 billion on the present share worth.
Amazon disclosed the deliberate inventory gross sales of Bezos, different board members and senior executives in its annual report, complying with new Securities and Change Fee guidelines that require larger transparency for company insiders who promote shares beneath pre-arranged buying and selling plans.
A spokesperson for the Seattle-based firm declined to touch upon the deliberate inventory gross sales.
If Bezos follows by means of with the plan, it could mark the primary time he has offered Amazon inventory since 2021. He did purchase a single share of the corporate in Could, his first recorded buy in data going again to 2002, although with out clarification.
The Amazon co-founder lately introduced he’s transferring to Miami from the Seattle space, which implies Washington state may miss out on a tax windfall from any potential share sale. Washington lately launched a capital-gains tax, whereas Florida doesn’t have one.
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–With help from Jack Witzig.
(Updates with closing numbers)
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