Home / News / Crypto / News / Jeff Bezos Behind Bitcoin Bump or is it Wishful Thinking? Amazon Founder Potentially Linked to BTC
3 min read

Jeff Bezos Behind Bitcoin Bump or is it Wishful Thinking? Amazon Founder Potentially Linked to BTC

Last Updated February 27, 2024 10:42 AM
Teuta Franjkovic
Last Updated February 27, 2024 10:42 AM
By Teuta Franjkovic
Verified by Peter Henn

Key Takeaways

  • Jeff Bezos sold $2 billion worth of his Amazon stock, concluding a series of planned sales.
  • Financial experts suggest the timing is strategic.
  • Crypto enthusiasts speculate on a potential link to Bitcoin.

In a recent series of transactions, Jeff Bezos, the former CEO of Amazon, has sold $2 billion  of his Amazon stock.

This sale  marks the culmination of a series of planned stock disposals that have collectively generated approximately $8.5 billion for Bezos.

Jeff Bezos Sells $2 Billion in Amazon Shares

A regulatory document  disclosed earlier this month outlined Bezos’ intention to sell 50 million shares by January 31, 2025. The sales commenced on February 7 and concluded this Tuesday, February 27.

Bezos maintains ownership of over 900 million shares in the company, valued at approximately $158 billion. Despite the recent sales of his stock, Bezos’ total net worth is estimated to be around $191 billion, as reported by the Bloomberg Billionaires Index .

Why Bezos Sold the Stocks?

Bezos’ decision to sell a significant portion of his Amazon stock has not been explicitly explained by him, leaving the exact purposes for the cash proceeds a matter of speculation. However, financial experts believe the timing of these sales is strategic.

With Amazon’s stock price experiencing a notable increase—rising more than 12% this year—the move to sell now appears financially prudent. Additionally, Bezos’ recent relocation from Seattle to Miami offers a tax advantage, as it allows him to avoid  the new 7% capital gains tax introduced in Washington state. This tax benefit likely contributed to the timing and decision to proceed with the stock sales now.

Also, crypto enthusiasts have different theory. The founder of BullBitcoin.con, Francis Pouliot  published an interesting X post. 

Pouliot suggested , without any concrete evidence, that the recent sale of billions of dollars in Amazon stock coincided with a sudden $4 billion increase in the Bitcoin market capitalization. This observation led to speculation about a possible connection, though it remains conjectural.

However, it is important to stress that relocating to Florida could result in tax savings of nearly $600 million for him.

Amazon and Jeff Bezos did not immediately respond to a request for comment.

Bezos Cashes Out as Amazon Stock Soars, Outperforming S&P 500

Why now? Over the past year, Amazon’s stock price has experienced a significant surge, with shares of the e-commerce giant increasing by more than 70%, notably outperforming the S&P 500 ‘s 23% gain in the same period.

This upward trajectory in Amazon’s stock value provided an opportune moment for Bezos, to “cash out at a high.” This strategic move comes nearly three years after Bezos transitioned from his role as CEO to focus on overseeing new products and early initiatives as the executive chair.

Was this Article helpful? Yes No