Amazon Founder Jeff Bezos Completes Selling Up to 50 Million Shares, Netting $8.5 Billion

By Jace Dela Cruz

Feb 21, 2024 01:53 AM EST

Amazon founder Jeff Bezos has sold another 14 million company shares worth around $2.4 billion.

According to Bloomberg, Bezos completed in only nine trading days the plan he disclosed earlier this month to sell up to 50 million shares, with a value of around $8.5 billion.

(Photo : PAUL ELLIS/POOL/AFP via Getty Images)
US CEO of Amazon Jeff Bezos attends an Action on Forests and Land Use session, during the COP26 UN Climate Change Conference in Glasgow, Scotland on November 2, 2021

Jeff Bezos Sells Amazon Shares

According to a regulatory filing, the latest sale occurred over three trading days ending Tuesday. BBC reported that the sales of Amazon stock by the world's third-richest person came after they had risen by over 76% in the past year.

Bezos, who is Amazon's founder and executive chair, has not disposed of any company shares since 2021.

Amazon Founder Jeff Bezos Relocates from Seattle to Miami

Since he moved to Miami, Florida, from Seattle in Washington, last November, the billionaire will save nearly $600 million in tax on the $8.5 billion worth of shares he has sold.

According to BBC, Florida does not have state taxes on incomes or capital gains, while gains higher than $250,000 from selling shares or other long-term investments have recently been taxed at 7% in Washington state.

Jeff Bezos has yet to publicly disclose how he intends to utilize the proceeds from this sale. Bezos, Amazon's biggest shareholder, has an estimated net worth of $191.3 billion, according to the Bloomberg Billionaires Index.

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