Jeff Bezos Sells $6 Billion Worth of Amazon Shares
Bezos Unloads 12 Million Shares in the Latest Transaction, Brings Total Sold to 36 Million Shares
Jeff Bezos, the founder of Amazon.com Inc., has sold an additional 12 million shares of his company, valued at an impressive $2 billion. This recent sale brings the total amount of shares sold by Bezos in the past week to over $6 billion.
The latest tranche of shares was sold by Bezos on Tuesday and Wednesday, as part of his previously disclosed plan to dispose of as many as 50 million shares of Amazon. With this recent transaction, Bezos has now sold approximately 36 million shares of the e-commerce giant.
While Bezos has not provided any explanation for the large-scale sell-off, the timing of his implementation of a trading plan might offer some clues. On November 2, he made headlines by announcing his move from the Seattle region to Miami. Just six days later, on November 8, he adopted a so-called 10(b)5-1 plan, which allows insiders to sell shares on a pre-determined schedule.
This strategic move to Florida could have potentially saved Bezos a substantial amount in taxes. Washington state, where Bezos previously resided, recently implemented a 7% levy on capital gains. In contrast, Florida does not impose any such tax. As a result, Bezos has likely managed to save approximately $430 million in taxes by making this relocation.
Overall, Bezos continues to make headlines with his significant share sales, but the reasons behind these moves remain largely undisclosed. As he continues to sell off his stake in Amazon, the financial world eagerly awaits any updates or announcements from the billionaire entrepreneur.
Analyst comment
Positive news: Jeff Bezos has unloaded another 12 million shares of Amazon.com Inc., bringing the total sold to $6 billion. As an analyst, the market may experience short-term volatility due to the significant sell-off. However, Bezos’ decision to move to Florida for tax savings may signal confidence in the long-term growth of the company.
