MYNORTHWEST NEWS

Jeff Bezos sells $2 billion in Amazon shares with ‘world’s richest man’ title in reach

Feb 12, 2024, 7:52 AM | Updated: 11:51 am

bezos amazon stock...

Jeff Bezos and Lauren Sánchez speak onstage during7 the IWMF Courage in Journalism Awards on October 23, 2023 in Washington, DC. (Photo: Kevin Mazur/Getty Images)

(Photo: Kevin Mazur/Getty Images)

For the first time since 2021, Amazon founder and former CEO Jeff Bezos unloaded shares of Amazon.com Inc. stock last week — this time 12 million shares, netting him just over $2 billion, according to filed documents with the U.S. Securities and Exchange Commission.

Amazon’s company report stated the sale is subject to conditions and won’t be completed until January 31, 2025.

More on Amazon: Amazon allowing managers to fire workers refusing to work in office

While Bezos hasn’t sold company stock each year, he has gifted approximately $200 million in shares to several nonprofits. Bezos owned 988 million shares, nearly 10% of Amazon, by the end of December 2023 before the shedding of stock began.

According to Bloomberg, Amazon disclosed that Bezos plans to sell as many as 50 million shares of Amazon over the next 12 months. Shares of Amazon soared earlier this month, according to Nasdaq, after the company delivered better-than-expected fourth-quarter earnings, beating estimates on the top and bottom lines. The stock rose 6.8%, according to Nasdaq.

The fourth quarter earnings, ballooned by the holiday season, finished 14% higher than originally estimated, giving the company an additional approximate $4 billion in revenue.

If Bezos completes the sale of 50 million shares of Amazon stock, posting those sales in Miami — where his new primary residence is located — would save him more than $600 million. Miami does not have state tax while Washington recently imposed a new 7% capital gains tax on sales of stocks or bonds of more than $250,000.

Ross on Bezos leaving WA: Jeff Bezos is leaving Seattle, but did he really live here anyway?

Bezos’ estimated $200 billion net worth has him at the No. 2 spot on Bloomberg’s Billionaires Index, just $9 billion behind Elon Musk, the CEO of Tesla Motors and current owner of X, the social media platform formerly known as Twitter. Musk first held the title of richest man in the world in September 2021, and reclaimed the title last June when he surpassed Bernard Arnault, the CEO of LVMH, in overall net worth.

Bezos’ 50 million Amazon shares is worth approximately $8.4 billion. If Bezos completes this sale, his net worth could propel past Musk, allowing him to reclaim his spot as the world’s wealthiest person. Bezos was the wealthiest from 2017 to 2021, according to the Bloomberg Billionaires Index.

Gee and Ursula on Amazon: How Amazon’s Black Friday Football will change consumerism

Bezos’ fortune already climbed $22.6 billion in 2023 before the selling of his stock began. Musk’s overall net worth fell by $29 billion in 2023, mostly due to a 27% plunge in Tesla’s stock. Additionally, a Delaware judge struck down Musk’s $55 billion Tesla compensation package after ruling it was unfair to shareholders.

As for what Bezos is spending his money on, the Amazon chairman recently acquired a second mansion, this one sized at 19,000 square feet, on the Indian Creek Island waterfront near Miami for $79 million.

MyNorthwest News

Photo: Police say a man reached for his chicken sandwich, flipping his car....

Bill Kaczaraba

Oops! Chicken sandwich causes car to flip in Vancouver, WA

It turned out to be a very bad day for a man who dropped his chicken sandwich in his car. He flipped his vehicle reaching for it.

43 minutes ago

Actor Alec Baldwin reacts during his trial for involuntary manslaughter for the 2021 fatal shooting...

Associated Press

Case dismissed against Alec Baldwin in fatal shooting of cinematographer

A nearly three-year legal saga for Alec Baldwin in the fatal shooting of a cinematographer ended Friday with the actor cleared of wrongdoing.

1 hour ago

Photo: KIRO Newsradio is celebrating the 50th anniversary of its "newsradio" format with a special ...

MyNorthwest Staff

KIRO celebrates 50th anniversary of ‘newsradio’ format with special alumni broadcast

KIRO Newsradio is celebrating the 50th anniversary of its "newsradio" format with a special broadcast featuring several prominent alumni.

13 hours ago

Photo: Police swarm Alderwood Mall in Lynnwood after shooting on July 3....

James Lynch

Police identify 2 girls who were with alleged Alderwood Mall shooter

There are new developments in last week's deadly shooting at Alderwood Mall. Jayda Woods-Johnson, 13, was killed.

15 hours ago

Photo: A sea lion pup at the Point Defiance Zoo bonds with its mother....

Julia Dallas

Sea lion pup earns her name at local zoo; another animal expecting

Woodland Park Zoo and Point Defiance Zoo and Aquarium both have news! Two animals are experiencing motherhood for the first time.

16 hours ago

Photo: Saks OFF 5th at Westlake Center in downtown Seattle will close on July 20....

Bill Kaczaraba

Departure of Saks from downtown Seattle hits retail core with another bit of bad news

Downtown Seattle’s retail core is taking another hit with the announcement that Saks OFF 5th will close this month.

16 hours ago

Jeff Bezos sells $2 billion in Amazon shares with ‘world’s richest man’ title in reach