Jeff Bezos has initiated the sale of nearly 12 million Amazon shares, marking his first divestment of the company's stock since 2021, and accumulating over $2 billion from the transaction as per a regulatory disclosure. This sale is part of a broader plan, set up by Bezos on November 8, 2023, to potentially sell up to 50 million shares by January 2025, a strategy revealed in Amazon's recent annual 10-K report.

The sales took place over two days, Wednesday and Thursday, with shares priced between $169.71 and $171.02, while Amazon's stock ended Friday at $174.45, reflecting a significant 78% increase over the past year. Before this sale, Bezos held about 12.3% of Amazon's outstanding stock as of February 2023, considering both his and his ex-wife, MacKenzie Scott's shares, over which he retains voting rights. Should he sell the entire 50 million shares as planned, his stake would reduce to approximately 11.8%.

Coinciding with this financial move, Bezos announced on November 2 via Instagram that he would be relocating to Miami, making it his official residence. This decision is financially strategic as it circumvents Washington state's capital gains tax, introduced in 2021, which imposes a 7% tax on gains exceeding $250,000 from the sale of stocks and bonds. Florida, Bezos's new home state, lacks such a capital gains tax and similarly does not impose an income tax, potentially saving Bezos around $600 million in taxes should he sell the maximum shares outlined in his plan.

Bezos has previously committed significant portions of his wealth to philanthropy, including the $2 billion Bezos Day One Fund focusing on homelessness and early education, and the Bezos Earth Fund, which pledges $10 billion towards climate change initiatives.