Jeff Bezos to Sell $5 Billion in Amazon Stock as Shares Reach Record High

Jeff Bezos

Jeff Bezos has disclosed plans to sell an additional 25 million shares of Inc. (NASDAQ:AMZN), worth roughly $5 billion, on the same day the stock reached a new high. This disclosure was filed after the market closed on Tuesday, although the sales could have started on the same day, according to the filing.

Significant Share Sales in 2023

Earlier this year, Jeff Bezos sold shares worth approximately $8.5 billion over nine trading days in February, marking his first sale of company stock since 2021. With this additional sale, his total stock sales for the year would reach about $13.5 billion, based on calculations by the Bloomberg Billionaires Index.

Despite these sales, Jeff Bezos would still hold nearly 912 million shares, representing approximately 8.8% of Amazon. As the world’s second-richest person, Bezos has a net worth of $221.6 billion, according to Bloomberg’s wealth index. He also owns the space exploration company Blue Origin and the Washington Post.

Amazon’s Stock Performance

Amazon’s shares closed at $200 on Tuesday, the highest since the company’s 1997 listing. The stock has soared 32% this year, driven by the anticipated growth of its cloud business, especially with the rise of generative AI technology.

Jeff Bezos’ Relocation and Tax Implications

In November, Jeff Bezos, 60, announced his move from the Seattle area to Miami. Washington state introduced a 7% capital gains tax in 2022, a tax Florida does not impose, potentially saving Bezos hundreds of millions of dollars in taxes.