Amazon's Jeff Bezos sells 50 million shares cashing $8.5 billion
The world's third-richest person hadn't disposed of any stock since 2021
Jeff Bezos unloaded 14 million Amazon.com Inc. shares worth about $2.4 billion, finishing in just nine trading days the plan he disclosed earlier this month to sell up to 50 million shares.
The latest transaction, which brings his cash out total to $8.5 billion, took place over three trading days ending Tuesday, according to a regulatory filing. Before his selling spree, the world's third-richest person hadn't disposed of company stock since 2021.
Bezos, who founded Amazon and owns space exploration company Blue Origin and the Washington Post, hasn't disclosed plans for the proceeds. He announced on Nov. 2 he was moving to Miami from the Seattle region.
Washington state instituted a 7 per cent capital gains tax in 2022 - something Florida doesn't have - meaning Bezos's relocation is likely saving him hundreds of millions of dollars in taxes.
Bezos has a net worth of $191.3 billion, according to the Bloomberg Billionaires Index.
Spokespeople for Amazon and Bezos didn't immediately respond to requests for comment.