Amazon founder Jeff Bezos has revealed plans to sell an additional 25 million company shares, amounting to approximately $5 billion. Yahoo Finance revealed that this decision coincided with when Amazon's stock reached a new record high.
The disclosure, filed after the market closed on Tuesday, signals Bezos's ongoing divestment strategy following his sale of shares worth $8.5 billion earlier this February. These latest transactions would bring his total stock sales for the year to an estimated $13.5 billion.
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Amazon Stock and Jeff Bezos' Net Worth
Amazon's stock closed at $200 per share on Tuesday, marking its highest level since its initial public offering in 1997. The stock has surged 32% this year, boosted by growth expectations in its cloud computing sector, which has benefited particularly from advances in generative AI technology.
Bezos' decision to relocate from Seattle to Miami in November is financially strategic, as Washington state's 7% capital gains tax, implemented in 2022, does not apply in Florida.
This relocation likely saves Bezos hundreds of millions in taxes, an approach most top CEOs employ to maintain wealth management and tax optimization strategies.
Even with these substantial sales, Bezos is not relinquishing his grip on Amazon. He will still hold nearly 912 million shares, which is about 8.8% of Amazon's total ownership. With a net worth of $221.6 billion, Bezos continues to be the world's second-richest individual, according to VCPost, a testament to his enduring influence in the company.
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