Amazon Founder Jeff Bezos Wraps Up $8.5 Billion
Billionaire Jeff Bezos has continued his sell-off of Amazon shares, recently disposing of another 14 million shares valued at approximately $2.4 billion (£1.9 billion). This latest sale marks a total of around 50 million shares offloaded over the past nine trading days, totaling roughly $8.5 billion. Amazon had previously announced that Bezos intended to sell up to 50 million shares by the end of January 2025.
The move comes amid a significant surge in Amazon’s stock, which has risen by more than 76% over the past year. Bezos, the founder and executive chair of the tech giant, last sold Amazon shares in 2021. Additionally, he has previously donated shares to charitable causes as part of his philanthropic efforts, with the most recent instance occurring in 2022.
Bezos’ relocation from Seattle, Washington, to Miami, Florida, in the previous year has financial implications, resulting in nearly $600 million in tax savings on the $8.5 billion worth of stock he has sold. While Washington imposes a 7% tax on gains above $250,000 from stock sales, Florida does not levy state taxes on incomes or capital gains. However, Bezos remains subject to federal taxes due to the sale of the shares.
Speculation arose when Bezos announced his move to Florida, with questions about whether it was prompted by potential tax obligations in Washington, particularly after the state approved a new tax on large stock sales. Bezos clarified in November that the relocation was driven by a desire to be closer to his parents in Miami, where he spent part of his childhood, and to oversee his Blue Origin space project, which was increasingly centered around Cape Canaveral.
As the biggest shareholder in Amazon, Jeff Bezos continues to be one of the wealthiest individuals globally, boasting an estimated fortune exceeding $190 billion. Amazon has not yet responded to requests from the BBC for comments on these recent developments.
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