In a significant financial move the founder of Amazon.com Inc., Jeff Bezos, has divested himself of 12 million shares of the company—a notable action, given that it’s his first stock sale since 2021.
The transactions occurred over Wednesday and Thursday, totalling slightly over $2 billion, as disclosed in regulatory filings.
Bezos had previously announced plans to sell up to 50 million Amazon shares within the next year, seizing an opportunity presented by the recent surge in the stock’s value, which has brought him closer to claiming the title of the world’s wealthiest individual.
As of Friday, his net worth had surged by $22.6 billion in 2023, reaching $199.5 billion, according to the Bloomberg Billionaires Index.
This latest divestment adds to Bezos’ history of selling Amazon shares, with total sales exceeding $30 billion since records began in 2002. Notably, he engaged in significant sales in both 2020 and 2021.
Despite these divestitures, Bezos has consistently demonstrated his commitment to stock philanthropy. In November, he made a significant contribution by donating approximately $230 million worth of Amazon shares to various nonprofit organizations.
Bezos’ recent divestment aligns with his broader approach to wealth management and philanthropy. His ongoing strategic sale of Amazon shares facilitates prudent portfolio diversification while providing substantial resources for his philanthropic initiatives.
Bezos has been an active advocate of giving back through initiatives such as the Bezos Earth Fund, which addresses climate change, and the Day 1 Families Fund, focusing on homelessness and education.
Despite stepping down from his role as Amazon’s CEO, Bezos remains deeply involved in various ventures, including Blue Origin, his private aerospace manufacturer, and spaceflight services company. His multifaceted approach to wealth management reflects his dedication to both strategic financial planning and impactful philanthropy as he navigates the dynamic landscape of his post-Amazon era.
