Title: Jeff Bezos Sells $2 Billion Worth of Amazon Shares, Closing In on World’s Richest Man
Subtitle: Bezos’ First Major Stock Sale of 2021 Fuels Race for the Top Spot
[COURIER STANDARD ENTERPRISE] – In a significant move that has caught the attention of investors and competitors alike, Jeff Bezos, the founder of Amazon, sold approximately 12 million shares of Amazon stock, netting an impressive $2 billion. This marks Bezos’ first substantial stock sale of the year, as he begins to execute Amazon’s plan announced in February to sell off a total of 50 million shares by year-end, amounting to a staggering $8.5 billion.
As the former CEO and currently owning just under 10% of Amazon, Bezos’ remaining stake in the company is estimated to be worth around $168 billion. However, with the stock’s substantial surge this year, his total wealth has surged by an impressive $22.6 billion. This tremendous increase in his net worth has propelled Bezos to the second spot on the list of the world’s richest people, with a current net worth of $200 billion.
With the sale of Amazon stock, Bezos is inching closer to reclaiming his title as the world’s richest man from Tesla CEO Elon Musk, whose lead had widened since 2021. Prior to the recent stock sale, Bezos’ net worth trailed Musk’s by only $5 billion, prompting a race to see who would emerge as the wealthiest individual.
Back in 2017, Bezos ascended to the top of the rich list, overtaking Microsoft co-founder Bill Gates. He comfortably retained the crown until 2021, when Musk bypassed him owing to Tesla’s skyrocketing stock value.
Musk, known for his ventures in Tesla and SpaceX, has seen his net worth decrease significantly this year with Tesla’s stock plunging and a compensation package being annulled, causing a $29 billion dent in his fortune. Although Forbes ranks Musk as the second richest person, behind French luxury titan Bernard Arnault, Bloomberg’s list places Musk in the number one spot.
This recent sale of Amazon stock is not the first time Bezos has offloaded substantial portions of his Amazon holdings. In 2021, he sold $2.5 billion worth of shares and a further $1.8 billion in 2020, all contributing to his incredible net worth.
As Bezos capitalizes on the surging stock market to rapidly bolster his wealth, market observers eagerly await the outcome of the intense competition between him and Musk for the title of the world’s richest person. In the ever-fickle world of finance, the fortunes of these two visionary entrepreneurs are sure to provide ample excitement and intrigue for years to come.
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