Amazon.com Inc. (Nasdaq: AMZN) founder Jeff Bezos sold another 12 million shares of the company on Wednesday, bringing the total to 36 million shares or about $6 billion since he started selling again after three years on Monday.
The sale is part of a previously disclosed plan that outlines Bezos is looking to unload as many as 50 million shares over the next 12 months. While he hasn’t explained the sales, it’s a great time to cash in for Bezos — Amazon has soared over 70% year-over-year.Â
Moreover, the timing doesn’t just coincide with the company’s gains. In November, Bezos announced that he was moving to Florida from Seattle.
The move saves him from Washington state’s newly implemented 7% capital gains tax on the sale of assets like stocks and bonds worth more than $250,000. Before the new tax, Bezos was known to sell shares regularly to fund his other projects.
Bezos isn’t the only one selling Amazon shares, CEO of Worldwide Amazon Stores Douglas Herrington, director Jonathan Rubinstein, and CEO of Amazon Web Services Adam Selipsky have all been selling stock in recent days.
Information for this story was found via Bloomberg, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
