Jeff Bezos sold more than $2 billion worth of Amazon stock for the third time this month

Amazon founder Jeff Bezos has once again made headlines by liquidating a substantial portion of his Amazon stock, this time amounting to a staggering $2.03 billion. This marks the third instance within the month where Bezos has offloaded a significant chunk of his holdings. The latest move comes amid a flurry of financial activity, with Amazon’s total sales for February already reaching an impressive $6 billion.

According to documents scrutinized by CNBC, Bezos executed the sale over the past few days, with Tuesday and Wednesday witnessing transactions totaling approximately $12 million. The shares were unloaded at an average price of $169.50 per share, consistent with the trading plan implemented by the company in November. Under this plan, Bezos could potentially sell up to 50 million shares, and the recent $2 billion transaction covers around 12 million shares—a figure reminiscent of his earlier sale just a week prior.

This recent liquidation is particularly noteworthy as it marks Bezos’ first stock sale since May 2021, coinciding with his decision to step down as the CEO of Amazon. However, it aligns seamlessly with the strategic relocation plans he disclosed in November. Bezos announced his intention to leave Seattle and make the move to Miami, primarily driven by the proximity to his space exploration company, Blue Origin, and the familial ties with his fiancée, Lauren Sanchez.

The relocation holds financial implications, as it positions Bezos to capitalize on substantial tax savings related to stock sales. In light of the move, he stands to save hundreds of millions of dollars in taxes, reinforcing the business acumen for which he is renowned.

As of now, Jeff Bezos ranks third on Forbes’ list of the world’s wealthiest individuals, boasting a formidable fortune of $191.4 billion. In the race for the top spot, he trails behind Bernard Arnault, holding $223.1 billion, and Elon Musk, securing second place with a fortune of $205.5 billion.

This series of high-profile stock sales by Bezos continues to captivate financial analysts and industry observers, prompting speculation about the strategic maneuvers and future plans of the Amazon magnate. The developments are closely watched, as they unfold against the backdrop of a dynamic and ever-evolving financial landscape.

Source: CNBC