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 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

Burien camping ban...

Sam Campbell

‘I have authority:’ Burien City Council member confronts homeless outside condo

Burien City Council member Linda Akey is facing scrutiny after a video was posted of her confronting homeless people outside of her home.

5 minutes ago

Image: Surveillance videos captured a man breaking into a car and allegedly stealing cars in broad ...

Louie Tran, KIRO 7 News

‘People are afraid:’ Surveillance video captures daylight break-in at Tacoma business

Residents are frustrated after surveillance videos captured a man breaking into a car and allegedly stealing cars during the day in Tacoma.

28 minutes ago

Image: The login page for Airbnb website is displayed on a computer on May 8, 2021, in Washington, ...

Matt Markovich

Proposed 10% tax on short-term rentals closer to becoming state law

In a move aimed at addressing affordable housing, lawmakers may give municipalities the option of implementing a 10% short-term rental tax.

2 hours ago

Northgate shooting...

Bill Kaczaraba

Drive-by shooting on I-5 unfolds near Northgate

The Washington State Patrol is investigating a shooting that happened near Northgate late Friday morning.

19 hours ago

Wedding bouquet...

Matt Markovich

Child marriages soon to be illegal in state of Washington

The legal age to get married will be 18 after both chambers of the Washington Legislature passed a bill outlawing child marriage.

19 hours ago

delivery app fees seattle...

Kate Stone

Showdown over added delivery app fees hits Seattle streets

Near Pike Place market on Thursday, about a dozen people rallied in support of the law, which impacts an estimated 40,000 gig workers in Seattle.

20 hours ago

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