In a move timed with Amazon‘s record-breaking stock price, founder Jeff Bezos plans to sell 25 million shares of the company, valued at roughly $5 billion. This follows his initial share sales in February this year, marking the first time he’s reduced his holdings since 2021.
Even after the sale, Jeff Bezos will retain significant ownership with 912 million shares
Despite the sale, Bezos will retain significant ownership, holding onto approximately 912 million shares, which translates to 8.8% of the company. Currently the world’s second-richest person with a net worth of $221.6 billion, Bezos’ business ventures extend beyond Amazon, encompassing Blue Origin (space exploration) and The Washington Post.
Amazon’s stock closed at a historic high of $200 on Tuesday, fueled by optimism surrounding the potential of generative AI technology and its impact on the company’s cloud computing business. This year alone, Amazon’s shares have seen a 32% surge.
Bezos’ recent relocation from Seattle to Miami has also sparked tax-related discussions. While Washington state levies a 7% capital gains tax, Florida boasts no such tax, potentially saving Bezos hundreds of millions of dollars.
(Via)
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