Jeff Bezos has disclosed plans to sell an additional 25 million shares of Amazon.com Inc. (NASDAQ:AMZN), valued at approximately $5 billion, on the same day the stock reached a new record high. This notice was filed after the market closed on Tuesday, though the sales could have commenced that same day, according to the filing.
Significant Share Sales in 2023
Earlier this year, Jeff Bezos sold shares worth about $8.5 billion over nine trading days in February, marking his first disposal of company stock since 2021. With this additional sale, his total stock sales for the year would amount to roughly $13.5 billion, according to calculations by the Bloomberg Billionaires Index.
Despite these sales, Jeff Bezos would still hold nearly 912 million shares, representing about 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, particularly 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, likely saving Bezos hundreds of millions of dollars in taxes.
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