Jeff Bezos sells another $2.4B in Amazon stock, completing 50M stock sale plan

Jeff Bezos sells another $2.4B in Amazon stock, completing 50M stock sale plan

According to a recent regulatory filing, Amazon founder Jeff Bezos has completed his stock sale plan by selling over 14 million shares over the past few days, amounting to approximately $2.4 billion in value.

Bezos initiated the trading plan on November 8th, with the intention to sell up to 50 million Amazon shares — valued at over $8 billion — by January 2025. This recent sale marks his first divestment of Amazon stock since 2021. He had previously sold 12 million shares earlier this month, totaling over $2 billion, followed by separate transactions of another 12 million shares through February.

As of February 2023, Bezos controlled approximately 12.3% of Amazon’s outstanding stock, inclusive of shares fully owned by him and those owned by his ex-wife, MacKenzie Scott, over which he retains voting rights. Following the recent sale, Bezos now holds about 11.8% of the company’s stock.

Bezos’ decision to relocate to Miami, announced on Instagram in November, is speculated to have financial implications, particularly concerning Washington state’s capital gains tax. By establishing residency in Florida, which does not impose a capital gains tax or income tax, Bezos stands to save an estimated $600 million in taxes from the sale of 50 million shares under his plan.

Notably, Bezos has allocated significant portions of his wealth towards philanthropic endeavors. In 2018, he launched the $2 billion Bezos Day One Fund, focusing on homeless families and preschool education, followed by the Bezos Earth Fund in 2020, which pledged $10 billion towards climate initiatives.