Jeff Bezos sells $2 billion worth of Amazon shares amidst tightening race with Elon Musk

Jeff Bezos, the executive chairman of Amazon, recently filed a statement with federal regulators disclosing the sale of nearly 12 million shares of Amazon stock, amounting to over $2 billion. The transaction, which took place on February 7th and 8th, saw Bezos divesting himself of 11,997,698 shares of common stock in five blocks ranging from 1 million to more than 3.2 million shares. While Bezos, who founded Amazon in a Seattle garage nearly three decades ago, officially lists his address as Seattle, reports suggest he has relocated to Miami. In addition to the recent sale, Bezos also listed a proposed sale of 50 million Amazon shares around February 7th, with an estimated market value of $8.4 billion. Bezos’s decision to offload Amazon shares comes amid a rise in his estimated wealth, with Bloomberg Billionaires Index reporting a $22.6 billion increase in his net worth this year due to surging company stock. As of February 11th, Bezos is listed as the second-wealthiest person globally, trailing behind Tesla Motors CEO Elon Musk. Musk currently holds the top spot with a net worth of $209 billion, while Bezos’s net worth stands at $200 billion. Although Bezos has not provided a specific reason for the share sale, speculations suggest that he is investing heavily into his spacetech starup, Blue Origin. Regardless, this draws attention to the narrowing gap between his and Musk’s net worth. Prior to the recent divestment, Bezos trailed Musk by a $5 billion margin. However, with his net worth climbing to $209 billion in just a few days, the disparity between the two billionaires has significantly diminished. Bezos, who held the title of the world’s richest person from 2017 until Musk surpassed him in 2021, has witnessed fluctuations in his wealth over the years. Nonetheless, his latest move signals a strategic manoeuvre as he seeks to maintain his competitive position against Musk amidst fluctuations in the stock market. (With inputs from agencies)