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Jeff Bezos keeps Amazon voting power in divorce settlement

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Amazon.com Inc Chief Executive Officer Jeff Bezos will retain voting control of his entire $143 billion stake in the company under a divorce settlement with his wife, MacKenzie Bezos, who will own 25 percent of those shares, the couple said on Thursday, removing uncertainty over control of the online retailer.

The world’s richest couple had announced their impending divorce in a joint Twitter statement in January, causing some to worry that Jeff Bezos could wind up with less Amazon voting power or that he or MacKenzie would liquidate large positions.

 

“It takes the issue off the table, with less turbulence than you might have expected,” said an investor, whose company owns several million dollars worth of Amazon shares but who asked for anonymity because of a firm policy.

MacKenzie Bezos will wind up with a stake in Amazon that is worth roughly $36 billion. Her shares represent a 4 percent stake in Amazon, according to a regulatory filing by the company. The Amazon shares will make her the world’s third-richest woman while Jeff Bezos will remain the world’s richest person, according to Forbes.

The couple, who tweeted separately on Thursday, disclosed that under their settlement MacKenzie will give up her interests in the Washington Post, which Jeff Bezos bought in 2013 and which has been a frequent target of criticism from U.S. President Donald Trump, and the rocket company Blue Origin he founded in 2000.

“Grateful to have finished the process of dissolving my marriage with Jeff,” MacKenzie Bezos said in her tweet outlining the agreement, the first and only post from an account created this month.

The two did not provide any further financial details about the settlement.

“INFLUENCE WOULD BE THE SAME”

Amazon, the world’s biggest online retailer, said in the filing that 4 percent of its outstanding shares would be registered in MacKenzie Bezos’ name after court approval of the divorce, which is expected to occur in about 90 days.

The petition for divorce was filed in Washington state, a person familiar with the matter said.

Jeff Bezos, whom Amazon listed in its most recent proxy statement as its single largest shareholder with a 16.3 percent stake, will keep sole voting authority over the shares unless MacKenzie donates them to a nonprofit or sells them in the open market.

 

Jeff Bezos, 55, is seen as essential to Amazon’s meteoric growth and stock price rise since he founded the company as an online bookseller in 1994. He has credited MacKenzie, 48, for her support when he uprooted the young couple to Seattle from New York to launch Amazon.

“When I think about Amazon, and the influence Bezos has on Amazon, I would argue his influence would be the same if he had 51 percent shares outstanding or 1 percent. I think his influence is dictated by his vision for Amazon,” D.A. Davidson analyst Tom Forte said.

MacKenzie Bezos’ stake in Amazon is worth more than the market values of nearly 70 percent of the components of the S&P 500.

The settlement suggests that Amazon will be spared the kind of boardroom battle that has plagued other companies whose owners are dealing with family rifts, even though the divorce had jolted the once-private Bezos couple into the public spotlight.

Jeff Bezos re-tweeted MacKenzie’s statement and added in a separate post that he was grateful “for her support and for her kindness in this process.”

Liat Sadler, a San Francisco matrimonial lawyer, said the settlement should put investors at ease.

“They’ve done a lot of work behind the scenes to make their breakup as amicable as it seems,” she said. Still, Sadler added, “Without knowing what cash she received, I have no idea how favorable it was to him or not.”

The day the couple announced their separation on Twitter, the National Enquirer promised to reveal an affair by Jeff Bezos that it claimed had ended their marriage, contrary to the couple’s statement that they were on a “long period of loving exploration and trial separation.”

The U.S. tabloid then published alleged photos and intimate text messages between Bezos and his new partner, former television news anchor Lauren Sanchez.

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Plastic Bag Ban,”Ensure Smooth Transitioning for Small Businesses”

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temple obike speaks on bill against nylon bags

The house of representatives on Tuesday passed a bill banning plastic bags in the country. We appreciate a cleaner environment, freer water-ways and animals without plastic bags in their ducts. However, plastic bags have always been a ubiquitous feature of Nigerian life. I thought a level of public consultation was required for passing such laws to ensure a smooth transition through the ban to implementation of this bill. Banning plastic bags is a big win, but it’s just the beginning as it involves a lot and if not properly handled, could mis-fire. Ask Kenya and South Africa, two countries who i know are attemtping to solve this riddle. More investments will have to go into waste management if Nigeria is to be guaranteed a healthier environment.

On the downside, we should expect knock-on effects on businesses, consumers and even jobs. How many would loose their jobs? What are the overheads for an average struggling satchet water company moving from the use of plastic bags to plastic bottles(which may be banned next)? This entire “ex post facto law” approach without prior plans needs to be looked into. One day you have a decent job , the next you and your entire firm have become fugitives who operate outside of the law. When the case gets extreme, you loose your job. Crime is on the increase, Youth joblessness is at an all-time alarming high and yet these laws keep coming?

Amazing ideas come, the government like a reckless lover turns us all on and then at the point of conclusion leaves everyone hanging.

To entrepreneurs and business elites, an opportunity beckons but i daresay that we need to remove ourselves from a perspective for once and get a spherical view of this situations that keep coming and what it’s ramifications hold for our country. People with access to the corridors of power need to start speaking about certain things because one day, this fat chicken that the government and certain factions have been feeding will come home to roost & that day might just be easter.

Nigeria we hail thee! goodness grief!

https://antvt.com/nigeria-reps-adopt-bill-banning-use-of-plastic-bags/ #plasticbags #reusable

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24 Hours Across Africa

Kenya: Popular author and gay activist dies.

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Kenyans prolific writer Binyavanga Wainaina, who was born in Nakuru in Rift Valley Province has died after a short illness in Kenya.

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He is popularly known for his debut book, a memoir entitled One Day I Will Write About This Place, was published in 2011.

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In January 2014, in response to a wave of anti-gay laws passed in Africa, Wainaina publicly announced that he was gay, first writing a short story that he described as a “lost chapter” of his 2011 memoir entitled “I am a Homosexual, Mum”, and then tweeting: “I am, for anybody confused or in doubt, a homosexual. Gay, and quite happy.

Prize-winning Kenyan writer Binyavanga Wainaina has died in Nairobi after a short illness at the age of 48.

Wainaina was also named among Time Magazine’s 100 most influential people in 2014 for his gay rights activism.

He “demystified and humanized homosexuality” author Chimamanda Ngozi Adichie wrote at the time.

Wainaina was one of the first high-profile Kenyans to openly declare he was gay and “he felt an obligation to chip away at the shame” that people felt about being gay, Adichie added.

Wainaina challenged Kenyans to rethink their negative stereotypes about homosexuality, Nyabola added.

“Inasmuch as homosexuality is illegal in Kenya, there are people who are very comfortable with their identity… but the public space for acceptance and respect has always been lacking and even characterised by violence,” Nyabola said.

“What he said is ‘look I’m here and I’m still the same person that you know and love and respect ‘… I think it’s incredibly powerful,” she added.

Homosexual relations are currently illegal in Kenya but the Supreme Court is due to rule on Friday whether to overturn the law banning them.


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