Amazon (NASDAQ:AMZN) stock is in the red today after a new filing shows that company founder Jeff Bezos sold 25 million shares of AMZN stock for a jaw-dropping $4.93 billion. Indeed, the billionaire made $197.20 per share on the sale, adding to his already vast treasure trove of Amazon-related earnings.
After Tuesday’s sale, Bezos has now earned about $13.5 billion from offloading his shares of Amazon this year alone. If you recall, Bezos sold 50 million shares back in February, netting him a handsome $8.5 billion. He also sold about 1.1 million shares on May 29 and May 30, valued at $117 million, which he used to fund his nonprofit preschools.
Today’s sale follows the plan Bezos adopted in Amazon’s 2023 annual report, which allows him to sell as many as 50 million AMZN shares before Jan. 31, 2025. Based on his actions this year, he may seek to max out his allowance later this year.
Despite the sale, Bezos still owns about 950 million shares of Amazon, worth about 10% of the company.
Bezos Sells as AMZN Stock Reaches $2 Trillion in Value
Bezos’ filing comes as AMZN stock flirts with its highest level ever. Indeed, AMZN recently reached $200.43 per share, pushing the company’s market capitalization to $2 trillion for the first time in its history.
Reasonably so, Amazon stock is enjoying a strong year thus far, up about 32% year-to-date, hardily outpacing the S&P 500, which is up 16.75% over the same period.
With a net worth estimated at $222 billion, Bezos remains the second wealthiest person in the world, just behind Tesla (NASDAQ:TSLA) Chief Executive Elon Musk.
Since leaving Amazon, Bezos has redirected his attention to philanthropy and his rocket company, Blue Origin. That said, he still has time to take his $500 million yacht for a spin every now and again, as he was seen doing last week near the Greek Isles.
On the date of publication, Shrey Dua did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
