Bezos to sell US$5bn of Amazon as shares hit record high

03 Jul, 2024 - 17:07 0 Views
Bezos to sell US$5bn of Amazon as shares hit record high Jeff Bezos

eBusiness Weekly

Bloomberg

Jeff Bezos disclosed a plan to unload 25 million additional shares of Amazon.com worth US$5 billion on the day the stock hit a fresh record.

The notice was filed after the market closed Tuesday, though sales could also take place as early as that day, according to the filing.

Bezos sold shares worth about US$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 US$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 US$221.6 billion, according to Bloomberg’s wealth index, and also owns space-exploration company Blue Origin and the Washington Post.

Amazon’s shares closed Tuesday at US$200, the highest since its 1997 listing. The company’s stock has soared 32 percent 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 percent 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.

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