Jeff Bezos just sold $2 billion worth of Amazon stock in what could be a strategy to make him the richest man in the world – again.

by MMC
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The sale was in line with a plan the company announced earlier in February to sell Bezos. 50 million shares by the end of the year, valued at approximately $8.5 billion in total.

Bezos owned 988 million shares, or just under 10% of Amazon, at the end of December, according to the company’s 2023 proxy statement, with his entire stake worth about $168 billion.

A sharp rise in Amazon shares this year has led to a $22.6 billion increase in the estimated wealth of the company’s founder and executive chairman, according to the Bloomberg Billionaires Index. The rise propelled Bezos to second place on the list of the world’s richest people, with a net worth of $200 billion at press time.

Although the exact motive behind Bezos’ decision to dump his shares is unknown, the selloff nonetheless narrows the gap between him and Bezos. Elon Muskpositioning Bezos to overtake the Tesla CEO in the ranking of the world’s richest people.

Before Amazon’s stock selloff this week, Bezos’ net worth was behind by just $5 billion. Musk’s $200 billion fortune, putting the title of No. 1 billionaire within reach. Since then, Musk’s net worth has reached $209 billion, according to Bloomberg’s Billionaires Index, but the race for Bezos to catch up to Musk is on.

Bezos became the world’s richest person for the first time in 2017, surpassing Bill Gates. The two men traded titles until the end of the year, but Bezos held the position of the world’s richest man since 2018.until 2021, by Forbes‘ list of the world’s billionaires, when Musk overtook it.

While Bezos’ wealth increased this year, Elon Musk’s wealth fell by $29 billion, in part due to a 27% drop in prices. You’re hereIt isstock driven by weaker-than-expected growth for the electric car maker, as well as a Delaware judge’s Jan. 30 ruling that voided Musk’s contract. Compensation of $55 billion package at Tesla.

The Forbes list of billionaires as of February 1 places Musk second among billionaires, behind Bernard Arnault, CEO and president of luxury goods group LVMH, and Bezos holding third place. However, Bloomberg’s list, which is updated at the close of each trading day in New York, ranks Musk first with a fortune of $209 billion, followed by Bezos at around $9 billion and Arnault in third position.

Musk maintains 411 million, or about 13% of Tesla Stock, valued at approximately $73 billion. His investmentsin his other companies, including SpaceX, The Boring Company and X, make up the rest of his wealth.

Bezos and Amazon representatives did not immediately respond to a request for comment from Business Insider.

This week’s stock sale is not the first time Bezos has divested a large portion of his Amazon holdings, although it is the only significant sale he has made since 2021. That year , Bezos sold $2.5 billion worth of stock as he prepared to sell stocks. resign as CEO.

In 2020, it dropped $1.8 billion after Amazon shares jumped following the company’s 2019 earnings call. In 2019, Bezos offloaded approximately $2.8 billion in company shares.

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