The founder and head of online retailer Amazon, Jeff Bezos, sold almost 12 million shares of the company for a total of over $2 billion. This is Bezos's first stock sale since 2021 and part of his plan to sell up to 50 million shares between now and January 2025.
According to the regulatory filing, the sale occurred in accordance with the trading plan approved by Bezos in November 2023 and described in Amazon's annual report. The shares were sold over two days of the week at prices ranging from $169.71 to $171.02 per share. Amazon shares closed at $174.45 on Friday and are up more than 78% over the past year.
As of February 2023, Jeff Bezos controlled approximately 12.3% of Amazon shares, including shares of his ex-wife MacKenzie Scott. If he sells all 50 million shares in accordance with the plan, his stake will be reduced to 11.8%. This trading plan comes just six days after Bezos announced on Instagram that he was moving from Seattle to Miami.
The residence move also has financial implications for Bezos. With Washington state's capital gains tax, which taxes profits over $250,000 on stock sales, Bezos could save about $600 million if he successfully pursues his Miami stock sale plan. Florida, where Bezos recently became a resident, is one of the states without such a tax.
Bezos' passion is also reflected through his philanthropic foundations. He launched the $2 billion Bezos Day One Fund in 2018, focused on solving the problems of homeless families and developing early childhood education. Also in 2020, the Bezos Earth Fund was created with a budget of $10 billion aimed at climate initiatives.
Jeff Bezos' sale of Amazon stock is drawing attention not only as a financial transaction, but also as a tax-saving opportunity and a continuation of his philanthropic efforts.