As the stock price hits a new high, Bezos sells another $5 billion worth of Amazon shares
Jeff Bezos plans to sell about $5 billion worth of Amazon stock, marking his second large-scale sell-off this year. In February, Bezos sold $8.5 billion worth of shares. Despite the sales, Bezos still holds about 912 million shares of Amazon, representing approximately 8.8% of the company. This sell-off may be related to his relocation plan announced last year, which could save him hundreds of millions of dollars in taxes by moving to Florida. Amazon's stock closed at $200.43 on Tuesday, reaching its highest point since its listing in 1997
According to the Zhitong Finance and Economics APP, on the day when Amazon (AMZN.US) stock price hit a new high, its founder Bezos disclosed plans to sell 25 million shares of Amazon stock, worth about $5 billion.
According to documents submitted after the stock market closed on Tuesday, the earliest selling could take place on the same day. Bezos sold about $8.5 billion worth of stock in nine trading days in February, marking his first stock sale since 2021. Additional sales, according to the Bloomberg Billionaires Index, will bring his total sales for the year to about $13.5 billion.
After the recent sale, Bezos will still hold about 912 million shares of Amazon stock, representing approximately 8.8% of the company. According to the Bloomberg Billionaires Index, Bezos' net worth is $221.6 billion, making him the second richest person in the world. He also owns the space exploration company Blue Origin and The Washington Post.
Amazon's stock closed at $200.43 on Tuesday, its highest point since going public in 1997. The company's stock has risen by 32% this year, with the market expecting its cloud business to benefit from the growth of generative artificial intelligence technology.
Market speculation suggests that Bezos' decision to sell stock this time may be related to his relocation plan announced in November last year.
Last November, the 60-year-old Bezos announced plans to move from the Seattle area to Miami. Washington State implemented a 7% capital gains tax in 2022, while Florida did not, meaning Bezos' move could save him hundreds of millions of dollars in taxes.
As of Wednesday's close, Amazon fell by 1.21% to $197.59