Jeff Bezos sold nearly 12 million Amazon shares, his first sale of the company’s stock since 2021, for a total of more than $2 billion, according to a regulatory filing.
It’s part of a plan to sell up to 50 million shares during a period ending in January 2025, under a trading plan adopted by Bezos on Nov. 8, 2023, as disclosed in Amazon’s annual 10-K filing last week.
According to the latest regulatory filing, on Friday afternoon, the 12 million shares were sold under that plan on Wednesday and Thursday of this week at prices ranging from $169.71 to $171.02 per share.
Amazon stock closed Friday at $174.45, up more than 78% over the past 12 months.
Bezos controlled about 12.3% of the company’s outstanding stock as of a February 2023 proxy filing, including shares he fully owns and shares owned by his ex-wife, MacKenzie Scott, over which he still has voting rights. He would still control about 11.8% of the company’s stock if he sells the full 50 million shares under the plan.
Amazon’s annual filing showed that the trading plan was adopted six days after he said on Instagram, on Nov. 2, that he was leaving Seattle and making Miami his official residence.
Washington state’s capital gains tax, passed in 2021, imposes a 7% tax on any gains of more than $250,000 from the sale of stocks and bonds, with some exceptions. By making Miami his home, Bezos stands to save around $600 million in tax expense if he ends up selling the maximum of 50 million shares under the plan.
Florida does not have a capital gains tax. Like Washington state, Florida also does not have an income tax.
Bezos launched a $2 billion Bezos Day One Fund in 2018 that focuses on homeless families and preschool education. The Bezos Earth Fund, launched in 2020, is putting $10 billion toward climate initiatives.
