Jeff Bezos to sell $5bn in Amazon shares as stock hits record prices

Jeff Bezos plans to sell 25 million Amazon shares worth $5 billion, following a recent stock record. This follows $8.5 billion in sales earlier this year, bringing his 2024 total to $13.5 billion. Bezos still retains 912 million shares, making him the second-richest person with a net worth of $221.6 billion. His move to Miami from Seattle likely saves him significant taxes, avoiding Washington state's capital gains tax..Sign up for your early morning brew of the BizNews Insider to keep you up to speed with the content that matters. The newsletter will land in your inbox at 5:30am weekdays. Register here..Join us for BizNews' first investment-focused conference on Thursday, 12 September, in Hermanus, featuring top experts like Frans Cronje, Piet Viljoen, and more. Get insights on electricity and exploiting SA's gas bounty from new and familiar faces. Register here..By Tom Maloney.Jeff Bezos disclosed a plan to unload 25 million additional shares of Amazon.com Inc. worth $5 billion on the day the stock hit a fresh record. .___STEADY_PAYWALL___.Read more: 🔒 FT: Jeff Bezos, relentless innovator turned troubled media baron.The notice was filed after the market closed Tuesday, though sales could also take place as early as that day, according to the filing..Jeff Bezos Photographer: Robert Perry/Bloomberg.Bezos sold shares worth about $8.5 billion over nine trading days in February — the first time he disposed of company stock since 2021. The additional sales would bring his total this year to roughly $13.5 billion, according to calculations by the Bloomberg Billionaires Index. .Bezos would still hold nearly 912 million shares, or about 8.8% of Amazon, following the latest sale. He's the world's second-richest person with a net worth of $221.6 billion, according to Bloomberg's wealth index, and also owns space-exploration company Blue Origin and the Washington Post..A spokesperson for Amazon declined to comment on the most recent sales..Amazon's shares closed Tuesday at $200, the highest since its 1997 listing. The company's stock has soared 32% this year with its cloud business expected to benefit from the growth of generative AI technology. .Bezos, 60, announced in November that he was moving to Miami from the Seattle area. Washington state instituted a 7% capital gains tax in 2022 — something Florida doesn't have — meaning Bezos's relocation is likely saving him hundreds of millions of dollars in taxes..Read also:.🔒 The Economist analyses Amazon.com – looking ahead from its 30 year birthday🔒 Amazon CEO Jassy's AI spending pays off in spades: Dave LeeAmazon launches its online shopping service in South Africa.© 2024 Bloomberg L.P.

Jeff Bezos to sell $5bn in Amazon shares as stock hits record prices

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