Amazon founder Jeff Bezos has sold more than $3 billion worth of Amazon shares, continuing a trend of stock sales that has seen him sell more than $13 billion worth of shares in 2024. The latest sale of over 16 million shares came as Amazon’s stock neared $200 per share, with the stock surpassing $200 in July. Amazon reported better than expected third quarter earnings, causing shares to rise 7% in trading, with the stock up over 40% in the past 12 months. Bezos is currently ranked No. 2 on the Bloomberg Billionaires Index, with a net worth of $222 billion, up $42.8 billion year-over-year.
Bezos has used Amazon stock sales to fund various projects and initiatives, including his Blue Origin space venture and the Bezos Day One Fund, which focuses on homeless families and preschool education. As of a February proxy statement, Bezos controlled about 10.8% of Amazon’s outstanding stock. He remains chairman of Amazon but has shifted his focus to Blue Origin. Recently, Bezos made headlines for ending The Washington Post’s tradition of endorsing presidential candidates and reportedly stopping the endorsement of Vice President Kamala Harris, which led to backlash just before the presidential election between Harris and Donald Trump.
In his column for The Washington Post, Bezos expressed regret over the decision to not endorse any candidate, stating that he wished the decision had been made further away from the election to avoid emotional responses. Bezos also mentioned that a meeting between Blue Origin CEO Dave Limp and Trump was scheduled without his knowledge. Bezos announced in 2023 that he was leaving his longtime hometown of Seattle and moving to Miami to be closer to his parents and Blue Origin operations in Florida. The move raised questions about Washington state’s capital gains tax, as Florida does not have a capital gains tax.
Bezos’ decision to sell Amazon shares and focus on his other ventures comes as he continues to accumulate wealth, with a net worth of $222 billion. His stock sales have been used to fund various initiatives, including his space exploration company Blue Origin and the Bezos Day One Fund. Despite remaining chairman of Amazon, Bezos has shifted his focus to other interests and projects, such as his move to Miami and the decision to end The Washington Post’s tradition of endorsing political candidates. The backlash over the decision to not endorse a candidate highlights the influence and impact Bezos continues to have in various sectors.
The significant amount of Amazon shares sold by Bezos this year, totaling over $13 billion, reflects his ongoing financial transactions and investments in other ventures. With Amazon’s stock performing well and Bezos’ net worth increasing, his decisions regarding stock sales and charitable contributions are closely watched by investors and the public. Bezos’ influence extends beyond Amazon and into areas such as space exploration, philanthropy, and media ownership, making him a key figure in the business world and beyond.
