Jeff Bezos, the multi-billionaire founder and executive chair of Amazon, has recently sold another 14 million Amazon shares, amounting to approximately $2.4 billion. This latest sale adds to the total of 50 million shares he has sold in the company over the past nine trading days, with a combined value of around $8.5 billion. Bezos had previously announced his intention to sell up to 50 million shares by the end of January 2025.
The decision to sell his Amazon stock comes as the company’s shares have experienced a significant increase of over 76% in the past year. This surge in value has undoubtedly contributed to Bezos’ substantial wealth, which is estimated to be over $190 billion, making him one of the richest individuals globally.
It is worth noting that Bezos has not only been selling his Amazon shares but has also engaged in philanthropic endeavors by giving away shares in the company. His most recent philanthropic act occurred in 2022. These acts of generosity align with Bezos’ commitment to using his wealth for charitable purposes.
One factor that may have influenced Bezos’ decision to sell his shares is the potential tax savings he can enjoy by relocating from Seattle, Washington, to Miami, Florida. By moving to Florida, Bezos stands to save nearly $600 million in taxes on the $8.5 billion worth of stock he has sold. This is due to the absence of state taxes on incomes or capital gains in Florida, unlike Washington state, where gains above $250,000 from stock sales are taxed at 7%.
Speculation arose when Bezos announced his move to Florida, with some suggesting that it was motivated by a desire to avoid a potential tax bill in Washington after the state approved a new tax on large stock sales. However, Bezos clarified that his decision was primarily driven by his desire to be closer to his parents and his Blue Origin space project, which is increasingly centered around Cape Canaveral.
Bezos expressed his fondness for Miami and his excitement about returning to the city where he spent part of his childhood. In an Instagram post, he mentioned his love for Miami and his intention to leave the Pacific Northwest. Bezos also acknowledged his fiancée, Lauren Sánchez, in the post.
Despite the significant stock sales, Bezos remains Amazon’s largest shareholder. His continued ownership of the company ensures his continued influence and involvement in its operations.
As of now, Amazon has not provided any comment regarding Bezos’ recent stock sales.
In conclusion, Jeff Bezos’ latest sale of Amazon shares worth $2.4 billion highlights his ongoing efforts to diversify his investments and engage in philanthropy. The decision to relocate to Florida not only brings personal benefits but also offers substantial tax savings. Bezos’ actions demonstrate his commitment to leveraging his wealth for various purposes while maintaining his position as Amazon’s largest shareholder.