This week, Jeff Bezos, the founder of Amazon.com Inc., undertook a notable divestment by selling 12 million shares of the company—his first stock sale since 2021.
The transactions, which occurred on Wednesday and Thursday, amounted to just over $2 billion, according to regulatory filings.
Bezos had previously announced his plan to sell up to 50 million Amazon shares over the next 12 months, potentially seizing the opportunity presented by the stock’s recent surge, which has brought him closer to securing the title of the world’s richest person.
As of Friday, his fortune had grown by $22.6 billion in 2023, reaching $199.5 billion, as per the Bloomberg Billionaires Index.
This move adds to Bezos’ history of selling Amazon shares, reflecting total sales exceeding $30 billion since records began in 2002. Notably, he engaged in substantial sales in both 2020 and 2021.
Despite these divestitures, it’s essential to recognize Bezos’ consistent commitment to stock philanthropy. In November, he made a significant contribution by donating approximately $230 million worth of Amazon shares to various nonprofit organizations.
What you should know
The recent divestment aligns with Bezos’ broader approach to wealth management and philanthropy. His ongoing strategic sale of Amazon shares allows for prudent portfolio diversification while providing substantial resources for his philanthropic endeavors.
- Bezos has been an active advocate of giving back through his philanthropic initiatives, such as the Bezos Earth Fund, which focuses on addressing climate change, and the Day 1 Families Fund, targeting homelessness and education.
- While the billionaire has stepped down from his role as Amazon’s CEO, he continues to wield significant influence within the company and remains deeply involved in various ventures, including Blue Origin, his private aerospace manufacturer and spaceflight services company.
Bezos’ multifaceted approach to wealth management shows his commitment to both strategic financial planning and impactful philanthropy as he navigates the dynamic landscape of his post-Amazon era.