Jeff Bezos, the founder of Amazon, has sold $2.08 billion worth of Amazon stock in the latest round of transactions. This news comes as Bezos recently relocated from Seattle to Miami, sparking speculation about the reasons behind his move. In an interview with Fox News Digital, Peggy Olin, the CEO of OneWorld Properties, discusses the hype surrounding Bezos’ relocation and the potential tax savings he could enjoy in Florida compared to Washington.
The stock sales were disclosed in a filing with the Securities and Exchange Commission (SEC) on Tuesday. Bezos had previously announced a trading plan in November that involved the sale of a maximum of 50 million shares by January 25 of next year. The recent sales, as well as another set last week, were part of this plan.
Before these latest sales, Bezos had already sold approximately $2.04 billion worth of Amazon stock. With the recent transactions, Bezos now holds around 964.26 million shares in Amazon, according to the SEC filing. These shares constitute a significant portion of his net worth, which currently stands at around $191.2 billion, making him the third-richest person in the world.
One of the key factors behind Bezos’ move to Florida is the potential tax savings he can enjoy. While both Washington and Florida do not have an income tax, Washington recently implemented a 7% capital gains tax. By relocating to Florida, Bezos can avoid paying this tax on his stock sales, potentially saving him hundreds of millions of dollars.
Despite selling a substantial amount of stock, Amazon’s share price has continued to rise. Over the past year, shares of the company have increased by more than 70%. In February, Amazon announced that its net sales for 2023 reached $574.8 billion, representing a 12% increase from the previous year. The company’s net income for the year was $30.4 billion.
Bezos’ decision to sell a significant portion of his Amazon stock raises questions about his future plans and investment strategies. As he continues to diversify his portfolio, it will be interesting to see how this impacts both his personal wealth and the direction of Amazon as a company.
In conclusion, Jeff Bezos’ recent sale of $2.08 billion worth of Amazon stock has generated significant attention. His relocation to Florida and the potential tax savings he can enjoy have sparked speculation about his motives. As one of the world’s wealthiest individuals, Bezos’ financial decisions continue to captivate the public’s interest and shape the future of Amazon.