Amazon founder Jeff Bezos has made significant sales of his shares in the e-commerce giant, Amazon, totaling over $4 billion in recent days.
The technology mogul, who founded Amazon in 1994 and currently serves as its executive chair, has offloaded 24 million Amazon shares this month alone. This move marks Bezos’ first share sales since 2021.
Earlier in the month, Amazon disclosed plans for Bezos to divest 50 million shares over the next year, valued at approximately $8.4 billion based on current market prices. The initial sale of 12 million shares was revealed in a regulatory filing on Friday, followed by another announcement on Tuesday regarding the sale of an additional 12 million shares.
Bezos has a history of philanthropic giving, including donating Amazon shares, with the most recent instance occurring in 2022.
The timing of Bezos’ relocation from Seattle, Washington, to Miami, Florida, last year coincides with potential tax advantages. By moving to Florida, Bezos stands to save around $280 million in taxes on the $4 billion worth of stock he has sold. Washington state imposes a 7% tax on gains exceeding $250,000 from share sales or other long-term investments, whereas Florida does not levy state taxes on incomes or capital gains. Nonetheless, federal taxes will still apply to the proceeds from the share sales.
Speculation arose regarding Bezos’ move to Florida amid Washington state’s approval of a new tax on large stock sales.
The divestment of Amazon shares comes amidst a period of substantial growth for the company, with its shares appreciating by nearly 70% over the past year.
Bezos cited personal reasons for his relocation, expressing a desire to be closer to family and his Blue Origin space project, which is increasingly centered around Cape Canaveral. In an Instagram post in November, Bezos mentioned that he and his fiancée, Lauren Sánchez, “love Miami” and disclosed his plans to transition from the Pacific Northwest back to Miami, where he spent part of his childhood.
Despite the recent share sales, Bezos remains the largest shareholder of Amazon and continues to rank among the wealthiest individuals globally, boasting an estimated fortune exceeding $190 billion.
