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Jeff Bezos Completes Sale of $8.5 Billion in Amazon Shares
Amazon founder Jeff Bezos has finished selling off 50 million shares in the ecommerce giant, marking the completion of a major stock sell-off disclosed earlier this month.
The 50 million shares that Bezos unloaded are worth approximately $8.5 billion based on Amazon’s current share price. The sale reduces his stake in the company from just under 10% to around 9.5%.
Even after selling such a large block of shares, Bezos still owns about 938 million shares in Amazon worth over $165 billion as of today. That massive stake contributes heavily to his status as the world’s second richest person with a current net worth of $191 billion according to Bloomberg.
Bezos’ relocation from Washington state to Florida could save him $600 million in capital gains taxes on the stock sell-off. Florida does not have a state income tax while Washington imposes a 7% tax on capital gains above $250,000.
The Amazon co-founder’s last major share-selling spree occurred in 2021 as he prepared to step down as CEO, a position he had held for 27 years since founding the internet retailer in 1994. Regulatory filings show Amazon insiders have executed 27 trades totaling over 50 million shares in the past 3 months.
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