Amazon founder Jeff Bezos has sold over $3 billion worth of Amazon shares, raising his total stock sales for 2024 to $13 billion. According to recent regulatory filings, Bezos offloaded more than 16 million shares, capitalizing on Amazon’s strong stock performance, with shares recently trading close to $200—a level last seen in July 2024.
Amazon’s stock has surged by over 40%
Amazon’s stock has surged by over 40% in the past year, largely due to stronger-than-expected third-quarter earnings, which boosted share prices by 7% last week. This rally has also added significantly to Bezos’s personal wealth, with his net worth increasing by $42.8 billion in the past year. As of November 3, 2024, Bezos ranks second on the Bloomberg Billionaires Index, holding a net worth of $220 billion. Tesla CEO Elon Musk remains the world’s wealthiest individual, with a net worth of $262 billion, while Meta’s Mark Zuckerberg is close behind in third place with $201 billion.
Despite the recent sales, Bezos still holds a substantial interest in Amazon, retaining about 10.8% of the company’s shares as of February 2024. Although he stepped down as Amazon’s CEO in 2021, Bezos continues to serve as chairman of the board. Over the years, he has sold Amazon shares to fund his other ventures, most notably his space exploration company, Blue Origin, which focuses on developing reusable rocket technology. Bezos has also invested in philanthropic initiatives, such as the Bezos Day One Fund, a $2 billion project aimed at aiding homeless families and expanding access to early childhood education.
Bezos announced his relocation
In a significant personal move, Bezos announced his relocation from Seattle—Amazon’s long-standing headquarters—to Miami in November 2023. The move has fueled speculation about potential tax advantages, as Washington state imposes a 7% capital gains tax on large investments, whereas Florida has no state capital gains tax. However, Bezos clarified that his decision was driven by family considerations and the desire to be closer to Blue Origin’s Florida operations. “I want to be closer to my parents and Blue Origin’s headquarters,” Bezos shared in an Instagram post, without addressing any tax-related reasons.
This shift to Miami marks a new chapter for Bezos, who has previously emphasized his commitment to family and his space ambitions.
