Amazon founder Jeff Bezos has sold more than $3 billion worth of Amazon shares in his latest stock sale, bringing his total sales to over $13 billion in 2024. The latest sale of 16 million shares occurred as Amazon’s stock price nears $200 per share, which is up more than 40% in the past 12 months. Bezos, who is currently No. 2 on the Bloomberg Billionaires Index with a net worth of $222 billion, has used his Amazon stock sales to fund projects such as his Blue Origin space venture and the Bezos Day One Fund focused on homeless families and preschool education.
While Bezos remains chairman of Amazon, his focus has shifted to Blue Origin, which made headlines recently for his decision to end The Washington Post’s tradition of endorsing presidential candidates. Bezos faced backlash for reportedly spiking an endorsement of Vice President Kamala Harris just 11 days before the election between Harris and former President Donald Trump. Bezos addressed the decision in a column in the Post, stating that he wished the decision had been made sooner and that a meeting between Trump and Blue Origin’s CEO was scheduled without his knowledge.
In November 2023, Bezos announced his decision to leave Seattle, where Amazon is based, and move to Miami. The relocation sparked questions about Washington state’s capital gains tax, which imposes a 7% tax on gains from the sale of stocks and bonds exceeding $262,000. Bezos’ move to Florida, which does not have a capital gains tax, was motivated by his desire to be closer to his parents and Blue Origin operations. Prior to this year, Bezos’ most recent Amazon stock sale was in 2021.
Amazon surpassed estimates for its third-quarter earnings and saw a 7% increase in shares on Friday. Bezos holds about 10.8% of Amazon’s outstanding stock, according to a February proxy statement. His net worth has increased by $42.8 billion year-over-year due to the strength of Amazon’s stock. Bezos has a history of using his Amazon stock sales to fund various projects and initiatives, with a focus on space exploration through Blue Origin and supporting homeless families and preschool education with the Bezos Day One Fund.
Bezos’ decision to sell Amazon shares comes as the company’s stock price reaches new heights, with shares near $200 per share. Despite his ongoing involvement with Amazon and Blue Origin, Bezos has faced criticism for his actions related to The Washington Post and political endorsements. His moves to relocate to Miami and sell Amazon stock suggest a shift in priorities and a focus on new ventures, both personally and professionally. As one of the world’s wealthiest individuals, Bezos continues to be a prominent figure in the business and technology sectors.
