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HomeInternationalBezos wraps up 50 million Amazon stock sale netting $8.5 billion

Bezos wraps up 50 million Amazon stock sale netting $8.5 billion

Jeff Bezos swiftly sold 14 million Amazon.com Inc. shares, amounting to about $2.4 billion. This rapid sale completes the plan he revealed earlier this month to divest up to 50 million shares. 

The transaction, totaling $8.5 billion in cash, occurred over just nine trading days, concluding on Tuesday, as per regulatory filings. Before this recent selling activity, the world’s third-richest person hadn’t sold any company stock since 2021. 

Despite these massive sales, Bezos, the founder of Amazon and owner of Blue Origin and the Washington Post, has not disclosed his plans for the proceeds. On November 2, he previously announced his move from the Seattle region to Miami.

In 2022, Washington state implemented a 7% capital gains tax, unlike Florida, where such a tax does not exist. Bezos’s move to Florida is probably saving him hundreds of millions of dollars in taxes due to this difference.

According to the Bloomberg Billionaires Index, Bezos currently holds a net worth of $191.3 billion.

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BRL Editor
BRL Editorhttps://businessreviewlive.com
Business Review Live covers finance, technology, travel, lifestyle, and everything in between through exclusive interviews and analysis, market statistics, digital video, and an expanded array of content formats.