Bezos is closer to regaining the title of the richest man in the world

Bezos is closer to regaining the title of the richest man in the world

Before Amazon’s stock sale this week, Jeff Bezos’ net worth was just $5 billion behind Elon Musk’s $200 billion, putting the title of “world’s richest man” within reach.
Getty Images

  • Jeff Bezos this week sold 12 million shares of Amazon stock, netting about $2 billion.
  • It is Bezos’ first major sale of company stock since 2021.
  • The move puts Bezos within reach to overtake Elon Musk as the richest man in the world.

Jeff Bezos This week, he unloaded 12 million shares of Amazon stock, netting him about $2 billion in a strategic move that could position him to once again claim the title of “world’s richest man.”

The sale came in line with the plan announced by the company earlier in February, under which Bezos would sell 50 million shares by the end of the year, with a total value of about $8.5 billion.

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

The 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 a new report. Bloomberg Billionaires Index. This increase has pushed Bezos to second place on the list of the world’s richest people, with a net worth of $200 billion at press time.

While the exact motivation behind Bezos’ decision to sell shares is unknown, the massive sale narrowed the gap between his net worth and Elon Musk’s, positioning Bezos to overtake the Tesla CEO in the rankings of the world’s richest people.

Before Amazon’s stock sale this week, Bezos’ net worth was just $5 billion less than Musk’s $200 billion, putting the No. 1 billionaire title within reach. Musk’s net worth rose to $209 billion in the days that followed, according to the Bloomberg Billionaires Index, but the race for Bezos to catch up with Musk is still on.

Bezos became the world’s richest person for the first time in 2017, surpassing Bill Gates. The duo traded the title until the end of the year, but Bezos retained the position of the world’s richest man as of 2018. Until 2021, according to Forbes’ list of the world’s billionaires, when Musk overtook him.

While Bezos’ wealth has risen this year, Musk’s wealth has fallen by $29 billion, partly due to a 27% decline in Tesla’s wealth. Shares were driven by the electric car company’s weaker-than-expected growth, as well as a ruling by a Delaware judge on January 30 that invalidated Musk’s $55 billion compensation package at Tesla.

Forbes’ billionaires list as of February 1 places Musk in second place among billionaires, second only to Bernard Arnault, CEO and president of luxury goods group LVMH, and Bezos holds the third-place title. However, Bloomberg’s list, which is updated at the end of each trading day in New York, ranks Musk as first with a fortune of $209 billion, followed by Bezos with about $9 billion and Arnault in third place.

Musk owns 411 million shares, or about 13% of Tesla shares, worth approximately $73 billion. His investments His other companies, including SpaceX, The Boring Company, and X, make up the rest of his fortune.

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

This week’s stock sale isn’t the first time Bezos has offloaded a significant portion of his Amazon holdings, though it’s the only big sale he’s made since 2021. That year, Bezos sold $2.5 billion worth of stock as he prepared to step down. CEO position.

In 2020, he shed $1.8 billion after Amazon shares soared following the company’s full-year 2019 earnings announcement. In 2019, Bezos offloaded nearly $2.8 billion worth of company stock.

You may also like...

Leave a Reply

Your email address will not be published. Required fields are marked *