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Jeff Bezos, the billionaire founder of Amazon, has made headlines recently with the sale of over $4 billion worth of Amazon shares. This move has increased the company’s market value significantly, making waves in the financial world.
Mr. Bezos, who co-founded Amazon in 1994, announced this month that he had sold 24 million shares of the tech giant. This follows his final stake in Amazon, which he sold in 2021 when he stepped down as CEO and took on the role of executive chair.
Looking ahead, Mr. Bezos plans to sell 50 million shares of Amazon over the next year, with the current price per share hovering around $8.4 billion. This announcement came earlier in the month, with two separate filings on Friday and Tuesday indicating the sale of 12 million shares.
In addition to his recent sales, Mr. Bezos has a history of charitable giving, including distributing Amazon shares. The most recent instance of this was in 2022, as he continues to make a positive impact through his philanthropic efforts.
One interesting aspect of Mr. Bezos’s recent sales is the tax implications. By relocating from Seattle, Washington, to Miami, Florida, last year, he stands to save approximately $280 million in taxes on the $4 billion worth of shares he sold. Washington state imposes a 7% tax on gains exceeding $250,000 from stock sales, while Florida does not have a state income tax, providing significant savings for Mr. Bezos.
However, it’s important to note that Mr. Bezos will still be required to pay federal taxes on the sale of his Amazon shares. This decision to relocate to Florida has raised speculation that it may have been influenced by a desire to avoid Washington’s new tax on major stock transactions, which could have had a significant impact on his finances.
In explaining his decision to move to Florida, Mr. Bezos cited reasons such as wanting to be closer to his parents and his Blue Origin space project, which is increasingly centered around Cape Canaveral. He also mentioned his fiancée, Lauren Sánchez, expressing their love for Miami and their plans to make it their new home.
With an estimated net worth of over $190 billion, Jeff Bezos remains one of the wealthiest individuals in the world and continues to hold the title of Amazon’s largest shareholder. His strategic sales of Amazon shares not only impact the company’s market value but also reflect his ongoing commitment to philanthropy and financial planning.
