Amazon founder and multi-billionaire Jeff Bezos has concluded his share sale plan, disposing of an additional 14 million Amazon shares, valued at approximately $2.4 billion (£1.9 billion).
This recent sale marks the culmination of Bezos’s divestment strategy over the last nine trading days, totaling around 50 million shares and generating a staggering $8.5 billion. In November, Amazon announced that Bezos would sell up to 50 million shares by January 2025.
Despite Amazon’s shares soaring by over 76% in the past year, Bezos opted to capitalize on the favorable market conditions. The technology giant’s founder and executive chair had previously sold Amazon shares in 2021 and has also contributed shares to philanthropic endeavors, the most recent being in 2022.
Bezos’s relocation from Seattle to Miami last year is anticipated to result in substantial tax savings. 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. The move prompted speculation about potential tax considerations, particularly as Washington had approved a new tax on large stock sales.
In November, Bezos clarified that his decision to move was driven by personal reasons, including being closer to his parents, who had returned to Miami, and overseeing the Blue Origin space project, which was increasingly centered in Cape Canaveral. He expressed his love for Miami and indicated his plans to return to the city.
Despite the share sales and the relocation, Bezos remains Amazon’s largest shareholder and one of the wealthiest individuals globally, boasting an estimated fortune exceeding $190 billion.
