Jeff Bezos Sells $2.03 Billion Worth of Amazon Shares, Bringing Monthly Sales to $6 Billion
According to a recent regulatory filing, Jeff Bezos, the founder of Amazon, has sold approximately $2.03 billion in shares of his company over the past few days. This brings his total sales for the month to over $6 billion.
Sales Details
On Tuesday and Wednesday, Bezos sold around 12 million Amazon shares at an average price of $169.50 per share. These sales were executed under a trading plan that went into effect in November. The company's annual filing suggests that Bezos may potentially sell up to a total of 50 million shares of Amazon.
This is not the first time Bezos has sold Amazon stock since stepping down as CEO in May 2021. However, it is the first time he has sold since May 2021. Last year, Bezos gifted approximately $240 million worth of Amazon shares.
Background and Tax Savings
In November, Bezos announced his decision to leave Seattle and relocate to Miami. This move allows him to be closer to his space exploration company, Blue Origin, as well as his fiancée Lauren Sanchez's family. Additionally, this relocation may potentially save him hundreds of millions of dollars in taxes on the share sales.
Current Wealth and Holdings
Even after the sales, Bezos remains the world's third-wealthiest individual, with a net worth of $191.4 billion. His holdings in Amazon now stand at 952.26 million shares, down from 976.25 million shares after his sales in February.
This news comes as Jeff Bezos continues to shape his financial portfolio and allocate resources towards various endeavors. As the founder of Amazon and a key figure in the tech industry, Bezos's actions are closely watched by investors and industry analysts alike.
Analyst comment
Negative news. Jeff Bezos selling a significant amount of shares in his company indicates a lack of confidence in Amazon’s future performance, potentially causing market uncertainty and a decrease in the company’s stock value in the short term.
