Amazon’s founder and executive chair, Jeff Bezos, has recently sold additional shares in the tech giant, with the total value of the recent sales surpassing $4 billion (£3.2 billion). Bezos, a multi-billionaire, has sold 24 million Amazon shares this month alone.
This move follows the company’s earlier announcement that Bezos intends to sell 50 million shares over the next year, estimated at around $8.4 billion at current market prices. The first sale of 12 million shares was reported in a regulatory filing on Friday, followed by another announcement on Tuesday regarding the sale of an additional 12 million shares.
Jeff Bezos, who last sold Amazon shares in 2021, has also been actively contributing to philanthropy by giving away Amazon shares, with the most recent instance occurring in 2022.
By relocating from Seattle, Washington, to Miami, Florida, last year, Bezos is set to save approximately $280 million in taxes on the $4 billion worth of stock he has sold. Washington state imposes a 7% tax on gains above $250,000 from stock sales, while Florida does not have state taxes on incomes or capital gains. However, federal taxes will still apply to the sale of shares.
The decision to move to Florida sparked speculation about potential tax considerations, particularly as Washington state approved a new tax on large stock sales. Bezos cited personal reasons for the move, including being closer to family and his Blue Origin space project, which is increasingly centered around Cape Canaveral.
Despite the recent sales, Jeff Bezos remains Amazon’s largest shareholder and one of the wealthiest individuals globally, with an estimated fortune exceeding $190 billion. The divestment of Amazon shares comes amid a remarkable 70% increase in their value over the past year. Bezos has consistently expressed his enthusiasm for Miami and its significance in his personal and professional life.
