Amazon Founder Jeff Bezos solidifies position as world's second richest by selling Rs 24900 crore in...

Amazon founder Jeff Bezos recently made headlines by selling over USD 3 billion worth of Amazon shares, adding to a total of USD 13 billion in stock sales for 2024 alone. The latest transaction, according to a regulatory filing obtained by GeekWire, involved more than 16 million shares and came at a time when Amazon’s stock is trading near $200 per share. This price level marks Amazon's peak since it first listed on the NASDAQ in 1997. Amazon's stock has experienced over a 40% increase over the past year, with the company's third-quarter earnings report adding a 7% boost just last week. The strong market performance has not only increased Amazon's value but also Bezos’s net worth, which now totals $220 billion, securing him the second position on the Bloomberg Billionaires Index, just behind Elon Musk.

Although Bezos stepped down as Amazon's CEO in 2021, he still holds a substantial stake in the company, with a proxy statement from February 2024 indicating that he controls about 10.8% of Amazon’s outstanding shares. He remains Amazon’s chairman and has continued to use stock sales to fund other ventures and philanthropic projects. Much of his Amazon wealth has been directed toward his private space exploration company, Blue Origin, which focuses on developing reusable rockets. Additionally, he established the Bezos Day One Fund in 2018, pledging $2 billion to help homeless families and improve access to preschool education.

Bezos’s recent relocation to Miami has sparked speculation over potential financial incentives. Washington state, where Amazon’s headquarters is located, introduced a capital gains tax in 2021, applying a 7% tax on gains above USD 262,000. Florida, however, does not impose a state capital gains tax, which could allow Bezos to save significantly on future stock sales.

In addition to his business and philanthropic efforts, Bezos also owns The Washington Post, which recently announced it would no longer endorse presidential candidates. This decision drew mixed reactions, particularly since it was made just days before the 2024 U.S. presidential election. Responding to the criticism, Bezos noted he wished the decision had been made earlier, away from the heat of election season, to avoid political controversy. Additionally, he addressed concerns about a meeting between Blue Origin’s CEO, Dave Limp, and former President Donald Trump, the Republican candidate, explaining that the meeting had been arranged without his knowledge.

With his focus shifting toward Blue Origin and philanthropy, Bezos appears to be using his Amazon wealth as a launchpad for his other ambitions while maintaining his influence across diverse sectors.