Jeff Bezos, the billionaire founder and executive chairman of Amazon, has recently made headlines for selling a staggering $8.5 billion worth of Amazon shares in a selling spree. This marks the first time that Bezos has sold his stock in the e-commerce giant since stepping down as CEO in May 2021.
According to securities filings, Bezos sold a total of 50 million Amazon shares over the past two weeks. On Tuesday alone, he unloaded more than 14 million shares for approximately $2.37 billion. These sales were executed under a prearranged trading plan that Bezos disclosed earlier this month, which allowed him to sell up to 50 million shares before January 31, 2025.
The selling spree was part of Bezos’ grand plan to unload 50 million shares by the specified date. It remains unclear what Bezos plans to do with the substantial windfall he has received from these sales. However, it is worth noting that he will receive a tax break on the earnings due to his recent move from Seattle to Miami.
Bezos’ decision to relocate from Seattle to Miami has raised questions about whether he was looking to avoid higher tariffs. Washington state imposed a 7% levy on capital gains on stocks or bonds over $250,000 in 2022. In contrast, Florida does not have such a tax. By moving to Florida, Bezos avoids paying the capital gains tax and also benefits from lower property taxes.
In October, Bezos purchased a $79 million mansion on Miami’s exclusive Indian Creek island, also known as the “Billionaire Bunker.” He later acquired the property next door for $68 million. With plans to bulldoze the $68 million pad and build a single megamansion with its neighboring property, Bezos is set to create an impressive estate on the ultra-exclusive island.
By relocating to Florida and taking advantage of the tax breaks, Bezos stands to save a significant amount of money. Property taxes in Florida are 0.89%, lower than Washington’s real estate tax rate of 0.98%. Additionally, Florida does not charge residents an estate tax, regardless of asset size. If Bezos were to keep Seattle as his primary residence and maintain his current net worth, he would have to give up as much as $38.8 billion in estate taxes upon his death.
Overall, Bezos’ selling spree and relocation to Miami highlight his strategic financial decisions. By cashing in on his Amazon shares and moving to a tax-friendly state, he has managed to maximize his wealth and minimize his tax obligations. As one of the world’s wealthiest individuals, Bezos continues to make headlines with his business ventures and personal financial choices.