Billionaire Jeff Bezos has recently sold another 14 million Amazon shares, amounting to approximately $2.4 billion (£1.9 billion). This latest sale adds to the approximately 50 million shares he has sold over the past nine trading days, totaling around $8.5 billion. Amazon had previously disclosed that Bezos planned to sell up to 50 million shares by the end of January 2025. These sales come amidst a notable surge in Amazon’s stock value, which has risen by over 76% in the past year.
Bezos, the founder and executive chair of Amazon, had not sold any Amazon shares since 2021, although he has previously donated shares for philanthropic purposes, most recently in 2022. His relocation from Seattle, Washington, to Miami, Florida, last year translates to substantial tax savings, with Florida lacking state taxes on incomes or capital gains, unlike Washington state, where gains above $250,000 from share sales are taxed at 7%. However, he remains subject to federal taxes on the proceeds from the share sales.
Bezos’ move to Florida prompted speculation about potential tax considerations, particularly following Washington state’s approval of a new tax on large stock sales.
In November, Mr. Bezos shared that his parents had relocated to Miami, where he spent part of his childhood, and expressed his desire to be near them and his Blue Origin space project, which was transitioning more towards Cape Canaveral. “Lauren and I love Miami,” he wrote on Instagram, referring to his fiancée Lauren Sánchez. “For all these reasons, I’m planning to relocate to Miami, bidding farewell to the Pacific Northwest,” he added. Despite this move, Bezos remains Amazon’s largest shareholder and one of the wealthiest individuals globally, boasting an estimated fortune exceeding $190 billion. Amazon did not respond immediately to a BBC request for comment.
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