Jeff Bezos has sold another $2 billion worth of Amazon shares, completing a series of planned stock sales that have brought in approximately $8.5 billion in cash for the former CEO.
According to a regulatory filing from earlier this month, Jeff Bezos intended to sell 50 million shares by January 31, 2025. Sales began on February 7 and concluded on Tuesday.
Despite the sales, Bezos, who is the founder and executive chair of Amazon, still retains over 900 million Amazon shares valued at around $158 billion.
His overall net worth stands at approximately $191 billion, as per the Bloomberg Billionaires Index.
Three months after moving back to Miami, Jeff Bezos sold $6 billion in Amazon stock as part of a predetermined plan—one that benefits from his relocation to tax-friendly Florida. https://t.co/7Sb7vcS8IV
— Investopedia (@Investopedia) February 17, 2024
Source: Twitter/Investopedia
Why is Jeff Bezos selling Amazon stock?
Bezos' intentions for the proceeds are uncertain, but analysts suggest that the timing of the sales is strategic.
With Amazon's stock price rising (up over 12% this year), Jeff Bezos can capitalize on the opportunity.
Additionally, his recent relocation from Seattle to Miami eliminates concerns about Washington state's newly implemented 7% capital gains tax, providing further incentive for sales.
Amazon’s share price?
At the close of trading on Wednesday, Amazon's stock was valued at $168.59 per share, marking a modest increase of 0.9% compared to the previous day's closing price.
About Jeff Bezos
As you know Jeffrey Preston Bezos is an American businessman, media proprietor and investor. He is the founder, executive chairman, and former president and CEO of Amazon, the world's largest e-commerce and cloud computing company.
Why is Amazon the leader in the market?
Amazon has crafted a customer-focused approach that distinguishes it from competitors by understanding and fulfilling the evolving needs of its customers.
Amazon employs data analytics to gather valuable insights, enabling smarter decision-making, efficient business operations, and staying ahead of market trends.
Why do people choose Amazon?
According to a survey conducted in the first quarter of 2022, forty percent of U.S. consumers cited affordable shipping costs as the primary factor driving their purchases on Amazon.
Additionally, fast delivery (37 percent), competitive product prices (36 percent), and access to Prime membership benefits (36 percent) were identified as other significant contributors to Amazon's attractiveness among shoppers.
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