Jeff Bezos has revealed plans to sell an additional 25 million Amazon shares worth $5 billion, as the company's stock hits a new record high.
The company made the disclosure after the market closed last Tuesday, although the sales could have taken place earlier that day as well, according to filings.
Bezos sold about $8.5 billion worth of shares over nine trading days in February, the first time he has dumped the company’s stock since 2021. The additional sales would bring his total this year to nearly $13.5 billion, according to calculations by the Bloomberg Billionaires Index.
Bezos will still own about 912 million shares, or about 8.8% of Amazon, after the latest sale. He is the world’s second-richest person with a net worth of $221.6 billion, according to the Bloomberg Billionaires Index, and also owns space exploration company Blue Origin and The Washington Post.
An Amazon spokesperson declined to comment on the latest sales.
Amazon shares closed Tuesday at $200 a share, the highest level since its listing in 1997. The company's shares have risen 32% this year, and its cloud business is expected to benefit from the growth of generative AI technology.
Bezos, 60, announced last November that he would move to Miami from the Seattle area. Washington state imposed a 7% capital gains tax in 2022 — something Florida does not — meaning Bezos’ move could potentially save him hundreds of millions of dollars in taxes.
