Jeff Bezos, the iconic founder and former CEO of the tech giant, announced plans to sell an additional $5 billion worth of Amazon shares.
The decision comes on the heels of Amazon’s shares rising to an all-time high of $200, a historic milestone since its initial public offering in 1997.
Tuesday’s filing detailed Bezos’s intent to divest himself of a significant portion of his Amazon holdings.
While sales could commence immediately following the filing, Bezos’s ongoing divestitures in 2024 now worth an estimated $13.5 billion.
Since February, Bezos has been actively reducing his stake in Amazon, this represents his first major stock sales since 2021.
The recent announcement indicates his commitment to further diversifying his portfolio while maintaining a substantial ownership interest in the company he founded.
Following the latest transaction, Bezos will retain nearly 912 million shares, equivalent to about 8.8% of Amazon’s total outstanding shares.
His current holdings show his continued influence over the company, despite stepping down as CEO in 2021 and transitioning into the role of executive chairman.
Bezos’s decision to liquidate a portion of his Amazon holdings coincides with the company’s robust performance in the market.
Amazon’s stock has surged 32% this year alone, bolstered by strong growth prospects in its cloud computing division and anticipated advancements in generative AI technologies.
At 60 years old, Bezos remains one of the wealthiest individuals globally, with a net worth of approximately $221.6 billion, according to Bloomberg’s wealth index.
Beyond Amazon, he also oversees Blue Origin, a pioneering space exploration company, and holds ownership of The Washington Post.
Bezos’s relocation from Seattle to Miami last November has garnered attention, particularly due to tax implications.
By moving to Florida, which lacks a state-level capital gains tax like Washington state’s 7% levy implemented in 2022, Bezos stands to save considerable sums in taxes, potentially amounting to hundreds of millions of dollars.