Bezos trims Amazon stake again, cashing out $5B this time
What's the story
Jeff Bezos, the world's second-wealthiest individual, has revealed plans to sell an additional 25 million shares of Amazon, valued at approximately $5 billion. The announcement came as the company's stock reached a new record high. The sale notice was filed after Tuesday's market close, with potential transactions occurring as early as that day, according to the filing.
Past transactions
Bezos's previous sales and remaining stake in Amazon
Earlier this year, Bezos offloaded shares worth approximately $8.5 billion over a span of nine trading days in February, marking his first stock disposal since 2021. With the upcoming sale, his total for this year would reach around $13.5 billion, as per Bloomberg Billionaires Index calculations. Despite these sales, Bezos will still hold nearly 912 million shares or about 8.8% of Amazon.
Wealth index
Bezos's net worth and other business ventures
Bezos's net worth is estimated to be around $221.6 billion, according to Bloomberg's wealth index. His wealth is not solely tied to Amazon; he also owns the space-exploration company Blue Origin and the Washington Post. Amazon's shares closed at $200 on Tuesday, their highest value since the company's listing in 1997, contributing significantly to Bezos's fortune.
Market performance
Amazon's stock surge and Bezos's tax-saving relocation
Amazon's stock has seen a significant rise this year, soaring by 32%. This increase is largely attributed to expectations that Amazon's cloud business will benefit from the growth of generative AI technology. In November last year, Bezos announced his move from Seattle to Miami, potentially saving him hundreds of millions in taxes as Florida does not have a capital gains tax, unlike Washington state which instituted one in 2022 at a rate of 7%.