Jeff Bezos reveals he set his salary at $80,000 at Amazon but still made $8 million every hour | Trending
Dec 16, 2024 01:07 PM Jeff Bezos opted for a $80,000 salary at Amazon for two decades, citing his ownership as sufficient incentive. Jeff Bezos has revealed that he decided to keep his salary at over $80,000 at Amazon for 20 years, The New York Times reported. “My view was I was a founder. I already owned a significant amount of the company and I just didn’t feel good about taking more,” the founder of Amazon said. Even after the restricted salary, Bezos is worth $246 billion making him one of the richest men in the world. Since stepping down as the CEO of Amazon, Jeff Bezos has been selling his stock in the company,(AP) That is because despite only earning a $80,000 salary, Bezos made $8 million for every hour in the year from 2023 to 2024 — all thanks to his stake in Amazon. “I had plenty of incentive. I owned more than 10% of the company. I just felt, how could I possibly need more incentive?” he said. (Also read: How SpaceX insider deal helped Elon Musk’s wealth soar beyond $400 billion mark) Selling Amazon stockSince stepping down as the CEO of Amazon, Bezos has been selling his stock in the company, with an aim to sell 25 million shares before 2025 ends. “I asked the compensation committee of the board not to give me any compensation,” he said, later adding that he would have “felt icky” accepting it and is “very proud of that decision” to keep his compensation flat. Low salary = less taxesBut lower salary also means less taxes for billionaires. Back in 2007 and 2011, Bezos didn’t pay any federal income taxes. Analysis found that Bezos avoided federal income taxes because he reported investment losses that were greater than his salary. However, he’s not the only billionaire to do so. Others like Elon Musk, Warren Buffett, and Michael Bloomberg have been able to make use of similar tax laws. The highest federal income tax rate in the United States is currently 37%, but analysis found most of these billionaires were all paying under 4% in their “true tax rate.” (Also read: Ambani and Adani exit Bloomberg’s $100 Billion Club amid business setbacks) Get Latest Updates on… See more News / Trending / Jeff Bezos reveals he set his salary at $80,000 at Amazon but still made $8 million every hour
