Jeff Bezos: How He Made His Billions – Moving to Florida – 2024-02-23 00:06:23

Jeff Bezos sold 14 million Amazon shares worth about $2.4 billion, completing in just nine days of trading a plan he revealed earlier this month to sell up to 50 million shares.

The sales spree

The latest transaction, which brings its total cash to $8.5 billion, took place in three trading days that ended Tuesday, according to a regulatory filing. Before the selling spree, the world’s third-richest man had not sold shares in the company since 2021.

Bezos, who founded Amazon and owns space exploration company Blue Origin and the Washington Post, has not disclosed revenue plans. On November 2, he announced that he was moving to Miami from the Seattle area.

He moved to avoid taxes

Washington state enacted a 7% capital gains tax in 2022 – something Florida does not – meaning Bezos’ relocation will likely save him hundreds of millions of dollars in taxes.

Ultimately Bezos’ plans to offload 50 million Amazon shares before Jan. 31, 2025 took place in Florida, saving him at least $610 million compared to if the sales were made in Washington.

Since 1998, Bezos has sold billions of dollars worth of Amazon stock nearly every year to fund his philanthropic efforts, his space company Blue Origin and most recently his $500 million mega yacht, as well as a growing collection of mansions he bought in Fiancee of Lauren Sanchez.

Bezos has a net worth of $191.3 billion, according to the Bloomberg Billionaires Index.