Amazon founder Jeff Bezos has offloaded approximately $2.03 billion worth of Amazon stock, marking his third major sell-off within the span of a single month. This latest transaction, disclosed through documents reviewed by CNBC, adds to the staggering total of $6 billion in stock sales for February alone.
A Strategic Maneuver Amidst Skyrocketing Sales
This recent divestment strategy is consistent with a trading plan implemented by Amazon in November. Bezos, adhering to the stipulations of the plan, may potentially liquidate up to 50 million shares, with the latest $2 billion covering around 12 million shares—mirroring the same quantity he disposed of just a week earlier.
Methodical Approach: $12 Million at a Time
Breaking down the recent stock sales, it is revealed that Bezos unloaded about $12 million worth of shares on Tuesday and Wednesday. The average price per share stood at $169.50, aligning with the calculated plan executed by the Amazon magnate.
Strategic Relocation and Tax Benefits
Jeff Bezos, who stepped down as Amazon CEO in May 2021, previously announced his intention to move from Seattle to Miami in November. This strategic relocation, apart from bringing him closer to his space venture Blue Origin and fiancée Lauren Sanchez’s family, holds financial significance. The move positions Bezos to save hundreds of millions of dollars in taxes on stock sales, a decision made clear last year.
Forbes Ranking: A New Chapter
As Bezos orchestrates these calculated stock sales, his financial standing experiences shifts. Currently, he holds the third position on Forbes’ list of the world’s wealthiest individuals, boasting a formidable fortune of $191.4 billion. Bernard Arnault and Elon Musk secure the first and second spots with $223.1 billion and $205.5 billion, respectively.
This continuous liquidation of Amazon shares raises questions about Bezos’ long-term vision for his wealth and investment portfolio. Observers are keenly monitoring the dynamics of his financial moves and awaiting further insight into the mind of the billionaire visionary.
Source: CNBC