Why is Jeff Bezos selling Amazon shares? - Hindustan Times
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Why is Jeff Bezos selling Amazon shares?

Feb 11, 2024 09:49 PM IST

Amazon's billionaire founder sold a stock share for the first time in over two years. Is he on his way to becoming the richest man in the world again?

Earlier this week, Jeff Bezos' statement with federal regulators marked his parting ways with nearly 12 million Amazon shares worth more than $2 billion. Having stepped down as the CEO of the multinational tech company in 2021, the executive chairman has pulled off such a power move for the first time in over two years.

FILE - Amazon CEO Jeff Bezos speaks at the Amazon re:MARS convention in Las Vegas on June 6, 2019. Bezos filed a statement with federal regulators indicating his sale of nearly 12 million shares of Amazon stock worth more than $2 billion on Feb. 7, 2024, and Feb. 8. (AP Photo/John Locher, File)(AP)
FILE - Amazon CEO Jeff Bezos speaks at the Amazon re:MARS convention in Las Vegas on June 6, 2019. Bezos filed a statement with federal regulators indicating his sale of nearly 12 million shares of Amazon stock worth more than $2 billion on Feb. 7, 2024, and Feb. 8. (AP Photo/John Locher, File)(AP)

Notifying the US Securities and Exchange Commission of the 11,997,698 shares' sale on February 7 and 8, Bezos may aim to climb up the hierarchy to claim the "world's richest man" title again. Another previous statement from his company revealed that he plans to sell 50 million shares (total worth $8.5 billion) by this year's end.

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Bloomberg Billionaires Index (updated at the end of every trading day in New York) also reported that the executive chairman's estimated wealth has risen by $22.6 billion this year due to escalating company stock. Bezos is now listed as the second person on the world's wealthiest people chart, just below Tesla Motors CEO Elon Musk. The publication lists his total net worth (as of February 11) as $200B, while Musk takes the lead with a $209B net worth.

Also read: Ex-Apple engineer sentenced to 4 months in prison. Here's why

Analysing Jeff Bezos' Amazon shares sale

The American magnate hasn't outrightly mentioned the reason for this release of shares. However, it undoubtedly drives one's attention to the closing gap between his and Musk's net worth.

Before the recent offload, Bezos only had a gap of $5 billion between him and Elon Musk's fortune. This new development has significantly bridged that distance, with his net worth rising to $209 billion in just a few days.

Business Insider also reminded us that the former Amazon CEO had gained the title of the richest person in 2017. He overtook Bill Gates at the time. Despite the ups and downs, Bezos remained at the top of the index from 2018 to 2021 until Musk snagged this post.

Despite Musk still being in the lead, his Tesla stocks have taken a severe hit this year, whereas Bezos is reaching for the upper skies.

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