Jeff Bezos, the multi-billionaire founder of Amazon, has recently sold over $4 billion worth of his shares in the company. This comes as part of his plan to sell 50 million shares over the next year, with the first 24 million shares being sold this month. The sale of these shares will save Bezos around $280 million in tax, as he recently moved from Washington to Florida, which does not have state taxes on incomes or capital gains.
Bezos’s decision to sell his shares has sparked speculation about his potential tax bill in Washington, where a new tax on large stock sales was recently approved. By moving to Florida, Bezos avoids this tax and will only be liable for federal taxes on the sale of his shares.
The sale of Amazon shares comes at a time when the company’s stock has been performing exceptionally well. Over the past year, Amazon shares have risen by almost 70%, contributing to Bezos’s estimated fortune of over $190 billion. Despite selling a significant portion of his shares, Bezos remains Amazon’s largest shareholder and one of the richest individuals in the world.
Bezos’s move to Florida is not solely motivated by tax considerations. He mentioned that he wanted to be closer to his parents, who recently moved back to Miami, where he spent part of his childhood. Additionally, he expressed his desire to be near his Blue Origin space project, which is increasingly shifting its operations to Cape Canaveral.
In addition to selling his shares, Bezos has also been actively involved in philanthropy. He has previously given away shares in Amazon as part of his charitable efforts. This highlights Bezos’s commitment to using his wealth for positive impact and supporting causes that are important to him.
The sale of such a significant number of Amazon shares by Bezos raises questions about the future direction of the company. As its founder and executive chair, Bezos’s decisions and actions have a significant impact on Amazon’s trajectory. However, it is important to note that Bezos’s stake in the company remains substantial, and his continued involvement ensures his influence will continue to be felt.
Overall, Bezos’s sale of over $4 billion worth of Amazon shares marks a significant move in his financial strategy. While it provides him with substantial tax savings, it also raises questions about the future of Amazon and Bezos’s role within the company. As one of the world’s wealthiest individuals, Bezos’s actions continue to be closely watched by investors and observers alike.