Stunned by Success: How Jeff Bezos Earned ₹67 Crore Per Hour in 2024 Despite a Consistent Salary, Now Venturing into New Sales!
Jeff Bezos, the founder of Amazon and the world’s second-richest person with a net worth of $241 billion, maintained a surprisingly low annual salary of $80,000 (around ₹67 lakh) throughout his tenure as CEO. This salary remained unchanged since 1998, highlighting his commitment to his role and his significant ownership stake in Amazon. Despite his modest salary, Bezos’s wealth grew exponentially due to his investments in Amazon, earning him approximately $8 million per hour from 2023 to 2024, driven by the company’s escalating valuation.
Upon resigning as CEO, Bezos began selling portions of his Amazon shares. According to a report by Fortune, he plans to sell 25 million shares by the end of 2025. While he no longer draws additional compensation from the company, he has ensured that Amazon’s compensation committee does not provide him any perks or bonuses, a decision he takes pride in.
Bezos’s choice to keep a low salary was not merely an ethical stance but also a strategic financial maneuver that minimized his tax liabilities. Investigations, such as the one by ProPublica, uncovered that in years like 2007 and 2011, Bezos paid no federal income tax, utilizing reported investment losses to offset his tax obligations. This strategy, common among billionaires, allows for substantial wealth accumulation primarily through investments while paying comparatively lower taxes.
This tax approach has sparked debates on tax fairness, as critics argue it enables the exceedingly wealthy to evade their fair share of tax contributions. The revelations that prominent figures like Bezos pay minimal income tax have fueled ongoing discussions about the inadequacies and inequities of the current tax system. Wealthy individuals frequently leverage investments for income generation while keeping official salaries low, thereby reducing their tax burdens legally.
Original Source: https://www.india.com/business/amazons-jeff-bezos-salary-was-same-for-years-still-he-earned-rs-679330000-per-hour-in-2024-now-he-is-selling-7491976/
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Publish Date: 2024-12-25 14:58:00
