Jeff Bezos has sold over $3 billion worth of Amazon shares in his latest stock sale. This is part of his ongoing divestments this year, which now total more than $13 billion. The sale of 16 million shares comes as Amazon’s stock price nears $200 per share.
This is a big jump from earlier this year. The stock went above $200 in July for the first time since Amazon listed on the NASDAQ in 1997. Amazon shares rose 7% in trading on Friday after the company reported its third-quarter earnings on Thursday.
The stock has gone up more than 40% in the past 12 months. Bezos is currently the second-richest person in the world with a net worth of $222 billion. He has been using the money from these stock sales to fund various projects.
This includes his space company Blue Origin and a $2 billion initiative to help homeless families and preschool education.
Bezos continues significant stock sales
Even with all the stock he has sold, Bezos still owns about 10.8% of Amazon’s outstanding shares.
He is no longer the CEO but remains the chairman of the company. However, his main focus now is on Blue Origin. In other recent news, Bezos decided to stop The Washington Post’s tradition of backing presidential candidates.
This move faced strong criticism just days before the upcoming election between Vice President Kamala Harris and former President Donald Trump. Bezos owns The Washington Post. In November 2023, Bezos also announced he would move from Seattle to Miami.
Some think this might be because of Washington State’s capital gains tax that started in 2021. But Bezos said he mainly wants to be closer to his parents and Blue Origin’s work in Florida. Florida also does not have a capital gains tax.
The last time Bezos sold a large amount of Amazon stock was in 2021.
