Bezos Sells 5 Trillion Won Of Amazon Stock In 4 Trading Days

Foreign media reported on the 13th (local time) that Amazon founder and chairman Jeff Bezos sold more than $4 billion in Won Of  Amazon stock over the past four trading days. According to CNBC, Bezos sold 24 million shares of Amazon stock worth more than $4 billion over the course of the 7th to 8th and 9th to 12th. In terms of trading days, it lasts for 4 trading days.

The sale volume on the 9th and 12th was 11,997,698 shares, worth about 2.08 billion dollars (about 2.8 trillion won). It has been about three years since May 2021 that Bezos sold Amazon stocks. Last November, about $240 million worth of Amazon stock was donated.

This was done less than two weeks after Amazon disclosed its sale plan through its annual report on the 9th in accordance with U.S. Securities and Exchange Commission (SEC) regulations. Bezos said in the report that he would sell up to 50 million shares by January 31 of next year.

Bezos did not explain the reason for the stock sale, but some believe it was for tax-saving purposes.

Bezos moved from Seattle, Western Washington, where Amazon is headquartered, to Seattle, Florida, where his space company Blue Origin is headquartered, in November last year. Washington state has enacted a 7% capital gains tax on sales profits exceeding $250,000 in 2022, but Florida does not impose such a tax.

Bezos is estimated to have saved about $288 million (about 380 billion won) in taxes through this sale. This year, Amazon stock prices rose about 13% as of the closing price on the 12th, the last day Bezos sold stocks. Bezos stepped down from his position as CEO of Amazon, which he founded, in 2021, but he still serves as chairman of the board.

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