Jeff Bezos Sells $2.4 Billion Worth of Amazon Shares

Jeff Bezos, the multi-billionaire founder and executive chair of Amazon, has sold an additional 14 million tech giant shares, totaling around $2.4 billion. 

This latest sale adds to the approximately 50 million shares he has offloaded over the past nine trading days, amounting to about $8.5 billion.

In November, Amazon announced that Bezos would sell up to 50 million shares over the following year. His recent divestment comes as Amazon’s stock price surged more than 76% in the past year.

Jeff Bezos had not sold Amazon shares:

Bezos has not sold Amazon shares since 2021. Additionally, he has donated shares as part of his philanthropic endeavors, with the most recent donation occurring in 2022.

Bezos relocated to Miami, Florida, from Seattle, Washington, last year, saving him nearly $600 million in state taxes on the $8.5 billion worth of stock he has sold. 

Unlike Washington, Florida does not impose state taxes on incomes or capital gains, where gains above $250,000 from stock sales are taxed at 7%.

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Speculation Over Motive for Move:

Bezos’s move to Florida prompted speculation about potential tax considerations, particularly after Washington approved a new tax on large stock sales. 

However, Bezos cited personal reasons for the move, including being closer to family and his Blue Origin space project, which is increasingly centered around Cape Canaveral.

Bezos’s Wealth and Holdings:

Despite the sell-off, Jeff Bezos remains Amazon’s largest shareholder and one of the wealthiest individuals globally, with an estimated fortune exceeding $190 billion. 

His continued control over a significant portion of Amazon’s shares underscores his enduring influence in the company he founded.