Jeff Bezos concludes 50M Amazon stock sale, nets $8.5B
What's the story
Jeff Bezos has sold another 14 million shares of Amazon worth around $2.4 billion. This latest sale wraps up his plan to sell 50 million shares.
Through three rounds of stock unloading, Bezos has raised nearly $8.5 billion. The first round commenced on February 7, marking his first stock sale since 2021.
It's unclear what Bezos plans to do with the money, but it's been reported that he might fund his relocation from Washington to Florida.
Multiple sales
Amazon shares near all-time high
Bezos sold around $4 billion worth of Amazon stock on February 14. He collected another $2 billion from a stock sale on February 16.
Interestingly, Bezos sold almost half of these stocks in a mere four trading days. The timing is important as Amazon's stock is near its all-time high.
The stock price of Amazon is presently at $167.08 apiece, which is 1.33% lower than last trading session.
Relocation plans
Bezos's relocation and undisclosed plans for proceeds
In November, Bezos announced his plans to relocate from Seattle to Miami.
This relocation could save him a significant amount in taxes, as Washington state introduced a 7% capital gains tax in 2022, while Florida has no such tax.
As of now, Bezos's net worth is estimated at $191.3 billion, according to the Bloomberg Billionaires Index.
Besides Amazon, Bezos also owns space exploration company Blue Origin and the Washington Post.