Amazon founder Jeff Bezos has made his third substantial sell-off of Amazon stock this month, raking in a staggering $2.03 billion, according to reports. This comes as Amazon’s total sales for February have already hit an impressive $6 billion.
Unprecedented Liquidation Spree
This recent divestment, totaling about $12 million worth of shares at an average price of $169.50 per share on Tuesday and Wednesday, follows Bezos’ trading plan initiated in November. The plan allows the billionaire to potentially sell up to 50 million shares of Amazon stock, with the latest $2 billion covering approximately 12 million shares, mirroring his previous transaction just a week prior.
Strategic Moves Amid Tax Savings
Bezos’ strategic financial maneuvers are not without purpose. Last year, he announced his intention to bid farewell to Seattle, opting for a move to Miami. This move aligns with his desire to be closer to Blue Origin, his space exploration company, and the family of his fiancée Lauren Sanchez. More crucially, the relocation offers Bezos a substantial tax advantage, potentially saving him hundreds of millions of dollars in taxes on stock sales.
Post-CEO Sales Surge
Notably, this round of stock liquidation is Bezos’ first since stepping down as the CEO of Amazon in May 2021. His departure from the executive role seems to have ushered in a new era of financial maneuvers, showcasing his active involvement in managing his vast wealth.
Wealth Rankings Reshuffled
With this latest sell-off, Bezos currently sits in the third position on Forbes’ list of the world’s richest individuals, boasting a fortune of $191.4 billion. Ahead of him are Bernard Arnault with $223.1 billion and Elon Musk with $205.5 billion, making for a highly competitive field of tech and business magnates.
Future Implications and Market Watch
Analysts are closely watching Bezos’ financial moves, with speculations swirling about the potential implications for Amazon and its market standing. As the e-commerce giant’s founder continues to shuffle his financial portfolio, the market remains on edge, awaiting the next chapter in Jeff Bezos’ strategic wealth management.
Source: CNBC
