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In a regulatory filing released on Friday, Amazon founder Jeff Bezos stated that he intends to sell up to 50 million shares of the company during the upcoming year. At the current price of the stock, the shares would be valued at around $8.6 billion.
Jeff Bezos Plans Major Amazon Stock Sale Amidst Soaring Holiday Revenue
Amazon's annual report, which was released on Friday, disclosed Bezos's intended stock sale in accordance with a Securities and Exchange Commission law that mandates such disclosures. The announcement also coincides with a day after the business revealed a record-breaking quarter for holiday sales, which caused Amazon's stock to rise by about 8% on Friday, as per US News.
The 60-year-old Bezos is still the head of the board at Amazon, despite having left his position as CEO of the business he established in 2021. Bezos has garnered media attention mostly for his eccentric wardrobe choices, relationship with fiancé Lauren Sanchez, and space exploration aspirations through his private business, Blue Origin after he left his position as the king of the e-commerce industry.
According to the annual report, Bezos, subject to certain conditions, adopted a trading strategy to sell up to 50 million shares of Amazon stock during a period ending on January 31, 2025.
Jeff Bezos Eyes Profitable Stock Sale as Amazon Shares Surge
It would seem that Bezos would be better off selling now. In 2022, the demand for online shopping caused by the epidemic and increased macroeconomic instability caused a sharp decline in Amazon's stock price, as per Yahoo. Since then, the company's current CEO, Andy Jassy, has implemented drastic cost-cutting measures, including several rounds of mass layoffs that have resulted in the loss of jobs for tens of thousands of employees. This year has seen a continuation of some layoffs.
However, after plunging to $84 per share in December 2022, Amazon's stock has since surged dramatically, rising around 90%.
Furthermore, Bezos would be exempt from state capital gains taxes on the stock transaction due to his recent relocation from Washington State to Florida. As of right now, Florida does not impose a capital gains tax. According to the Seattle Times, Bezos's home state of Washington upheld capital gains tax legislation last year.
