Jeff Bezos completes 50 million Amazon share sale, nets $8.5 billion

Jeff Bezos has unloaded another $2 billion worth of Amazon shares, the last in a series of planned stock sales that have netted the former Amazon CEO about $8.5 billion in cash.

A regulatory filing released earlier this month revealed Bezos' plan to sell 50 million shares by Jan. 31, 2025. Sales kicked off on Feb. 7 and wrapped up on Tuesday.

Bezos, the founder and executive chair of Amazon, still has more than 900 million Amazon shares worth roughly $158 billion. His net worth totals about $191 billion, according to the Bloomberg Billionaires Index.

Why is Bezos selling Amazon stock?

Bezos' plans with the money aren't clear, but experts say the timing of the sales makes sense. Amazon's share price is up (it's gained more than 12% so far this year) and Bezos' recent move from Seattle to Miami means he can sell without worrying about Washington state's new 7% capital gains tax.

The move to Florida could save him nearly $600 million in taxes.

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What is Amazon's share price

Amazon shares closed Wednesday at $168.59, up 0.9%.

This article originally appeared on USA TODAY: Jeff Bezos stock sales: Amazon founder sells off 50M shares