The software giant Amazon’s billionaire founder, Jeff Bezos, made headlines lately when he sold shares for over $4 billion. This action is a part of a bigger strategy; Bezos plans to sell 50 million shares in total over the course of the next year, which, at current prices, would be worth about $8.4 billion.
With the most recent sales, Bezos hasn’t sold Amazon stock since 2021. The transactions, which have involved 24 million shares this month alone, have attracted a lot of attention, particularly in light of the company’s strong stock performance in the last year, which has seen shares rise by almost 70%.
The move by Bezos to sell his stock is hardly shocking. In addition to giving shares out as part of his charitable endeavors, he has a history of selling shares on occasion. Furthermore, Bezos moved from Seattle, Washington to Miami, Florida lately, which may save him millions of dollars in state taxes. Gains from the sale of shares or other long-term assets that exceed $250,000 are subject to 7% tax in the state of Washington. However, Florida does not impose state taxes on capital gains or income, which may save Bezos some $280 million in taxes on the $4 billion worth of shares he has sold.
Bezos came to Miami for a number of reasons, including his Blue Origin space project, which is becoming more and more focused on Cape Canaveral, and his desire to be nearer to his parents, who just returned to the area. Bezos has declared his affection for Miami and his eagerness to visit the place where he spent a portion of his formative years.
Even though he sold off a considerable amount of his Amazon stock, Bezos is still the company’s biggest shareholder and among the richest people in the world, with an estimated net worth of over $190 billion. His continued participation in Blue Origin and other endeavors implies that he is far from retiring, and both the public and investors continue to closely follow his astute financial decisions.
