Feb 13, 2024 - Business

Jeff Bezos sells over $4 billion in Amazon shares in past week

: Jeff Bezos attends "The Lord Of The Rings: The Rings Of Power" World Premiere in Leicester Square on August 30, 2022 in London, England.

Jeff Bezos at a 2022 event in London, England. Photo: Gareth Cattermole/Getty Images

Jeff Bezos has sold more than $4 billion of his shares in Amazon over the past week as the e-commerce giant's stocks surged, according to new regulatory filings.

Why it matters: Bezos' sale of some 24 million shares in four trading days since Friday mark the first time the billionaire Amazon founder and executive chairman has offloaded the company's stock since 2021.

  • It comes after Amazon disclosed earlier this month that Bezos would offload 50 million in company shares before Jan. 31, 2025, following a trading plan detailed in the firm's 2023 annual filing.

Between the lines: Bezos, one of the world's richest people, has yet to give a reason for the sale. But it comes after he announced in November that he was moving from Seattle to Miami to be closer to fiancée Lauren Sanchez and his parents.

  • Bloomberg notes that the relocation likely saves Bezos $288 million thus far, as two years ago Washington state implemented a 7% capital gains tax — which Florida does not have.
  • "Because Bezos has only ever bought a single share of Amazon, it's safe to assume he's owned the stock since the company was founded and therefore virtually all of their value would be considered capital gains," per Bloomberg.
  • Representatives for Amazon did not immediately respond to Axios' request for comment.
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