📷 Image Credits: The Economic Times
Jeff Bezos, the second-richest person in the world, revealed a plan to sell 25 million additional shares of Amazon.com Inc., totaling $5 billion, on the same day the stock hit an all-time high. This disclosure was made via a regulatory filing after the market closed on Tuesday. Bezos has been actively divesting shares, with the latest round of sales bringing his total for the year to about $13.5 billion according to Bloomberg\’s calculations. Despite the upcoming sale, Bezos will still retain nearly 912 million shares, which equates to about 8.8% of Amazon. His net worth stands at an astounding $221.6 billion according to Bloomberg\’s wealth index. Additionally, Bezos holds ownership in the space-exploration company Blue Origin and The Washington Post.
The recent surge in Amazon’s stock price, closing on Tuesday at $200, marking its highest price since listing in 1997, has greatly benefited Bezos financially. The stock has seen a 32% increase this year, driven partly by the growth of the company’s cloud business and the potential in generative AI technology. Bezos’ decision to relocate from Seattle to Miami in 2022 has also been financially strategic, saving him substantial amounts in capital gains tax due to Florida’s tax policies compared to Washington state.
Beyond Bezos, we also witnessed significant stock sales by Nvidia CEO Jensen Huang, who parted with $169 million worth of shares in a single month, coinciding with a 166% surge in Nvidia’s share value since the beginning of the year. This notable increase in demand for modern software and AI-related technologies has propelled the company’s success, subsequently boosting Huang’s net worth to $112 billion. The month of June saw him outshine Microsoft in briefly becoming the world’s most valuable company, showcasing the remarkable growth and financial success in the tech sector.
