Jeff Bezos Sells Another $2.4B in Amazon StockAccording to a new regulatory filing, Amazon founder Jeff Bezos sold more than 14 million shares over the past few days worth around $2.4 billion, completing his stock sale plan.
Bezos adopted a trading plan Nov. 8 to sell up to 50 million Amazon ( NASDAQ:AMZN ) shares — valued at more than $8 billion — during a period ending in January 2025.
He first sold 12 million shares earlier this month, worth more than $2 billion, and then sold separate 12 million share tranches through February. It’s Bezos’ first sale of the company’s stock since 2021.
Amazon’s stock closed at more than $167 per share on Tuesday. Shares are up more than 76% over the past 12 months.
Bezos controlled about 12.3% of the company’s outstanding stock as of a February 2023 proxy filing, including shares he fully owns and shares owned by his ex-wife, MacKenzie Scott, over which he still has voting rights. He now controls about 11.8% of the company’s stock.
Amazon’s ( NASDAQ:AMZN ) annual filing showed that the trading plan was adopted six days after Bezos said on Instagram, on Nov. 2, that he was leaving Seattle and making Miami his official residence.
Washington state’s capital gains tax, passed in 2021, imposes a 7% tax on any gains of more than $250,000 from the sale of stocks and bonds, with some exceptions. By making Miami his home, Bezos stands to save around $600 million in tax expenses after selling 50 million shares under the plan. Florida does not have a capital gains tax. Like Washington state, Florida also does not have an income tax.
Bezos launched a $2 billion Bezos Day One Fund in 2018 that focuses on homeless families and preschool education. The Bezos Earth Fund, launched in 2020, is putting $10 billion toward climate initiatives.
