Jeff Bezos, the multi-billionaire founder of Amazon, has recently sold more of his Amazon shares, totaling over $4 billion in sales.
The technology giant confirmed that Bezos has sold 24 million Amazon shares this month.
Bezos, who serves as the firm’s executive chair, had last sold Amazon shares in 2021. Earlier this month, the company disclosed his intention to sell 50 million shares over the next year, valued at approximately $8.4 billion at current prices.
The first sale of 12 million shares was reported in a regulatory filing on Friday, followed by another announcement on Tuesday regarding the sale of an additional 12 million shares.
Bezos has also donated Amazon shares as part of his philanthropic efforts, most recently in 2022. His recent move from Seattle, Washington, to Miami, Florida, will result in tax savings of about $280 million on the $4 billion worth of stock he has sold.
Washington state imposes a 7% tax on gains exceeding $250,000 from the sale of shares or other long-term investments, while Florida does not levy state taxes on incomes or capital gains.
Nevertheless, he remains liable for federal taxes on the sale of shares.
Speculation arose regarding Bezos’s move to Florida, with some suggesting it was motivated by potential tax liabilities he would have faced in Washington following the state’s approval of a new tax on large stock sales.
Despite the sales, Amazon shares have surged by nearly 70% in the past year. Bezos cited family reasons and his Blue Origin space project’s proximity to Cape Canaveral as factors in his decision to relocate to Miami.
He expressed his fondness for the city and his desire to be closer to family, including his fiancée Lauren Sánchez.
Bezos, still Amazon’s largest shareholder, remains one of the wealthiest individuals globally, with an estimated fortune exceeding $190 billion.
Source-BBC
