Jeff Bezos Sells 12 Million Amazon Shares Worth $2 Billion

Jeff Bezos, the third richest man in the world and founder of Amazon.com, has moved to sell 12 million company shares. This is his first stock sale in over three years—his last sale was in 2021.

According to the regulatory filings, his recent stock sale happened between Wednesday and Thursday and cost over $2 billion.

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It was reported some weeks back by Bezos about his plans to sell over 50 million Amazon shares within one year (12 months). And with the current rise in stocks, Bezos will likely secure the seat of the wealthiest man in the coming days.

His net worth last week Friday is reported to have grown by $22.6 billion in 2023, leading him to $199.5 billion according to the Bloomberg Billionaires Index. 

This development adds to Bezos's history of selling Amazon shares, reflecting the total sales exceeding $30 billion since records began in 2002. The billionaire has also engaged in substantial sales between 2022 and 2021.

The recent move by Bezos aligns with his approach to wealth management and philanthropy. His sales of Amazon shares allow for prudent portfolio diversification while providing substantial resources for his philanthropic endeavours.  

Despite the clash of titans between the wealthiest men in the world list, Jeff Bezos has been an active partner in philanthropy and has given to the world through his Bezos Earth Fund, which focuses on addressing climate change and his Day 1 Families Fund, which continues to provide for homelessness and sponsoring of education.

Despite stepping down as the CEO of Amazon, Bezos has continued to affect the leadership positively by significantly influencing the company as he is majorly involved in different ventures such as Blue Origin, his private aerospace manufacturer and spaceflight services company. 

Back Story

Jeff Bezos declared his intention to sell off over 50 million shares of Amazon, valued at $8.6 billion, following the current price of $171.81 per share.

He announced this through a regulatory filing, which was integrated into Amazon's annual report by the Securities and Exchange Commission regulations.

His move to divest 50 million Amazon shares follows the lead of his ex-wife, MacKenzie Scott, who moved to sell off over $10.4 billion worth of Amazon shares last year.

It was also reported that after the divorce of the 25 years of marriage between Bezos and Scott was finalised in 2019, Scott owned a 4% stake in the e-commerce company, placing her amongst the wealthiest women in the world.

However, recent regulatory filings show that Scott has shed 65.3 million shares in Amazon over the past few years.

In 2021, Jeff Bezos dropped from being the CEO of Amazon. Check out more Amazon jobs.