Amazon Founder Jeff Bezos Sells Over $4 Billion in Company Shares

Multi-billionaire Jeff Bezos has continued to divest from Amazon, selling a significant portion of his shares in the tech giant, totalling more than $4 billion (£3.2 billion) in recent days.

Bezos, who founded Amazon in 1994 and currently serves as its executive chair, has sold 24 million Amazon shares this month alone, according to statements from the company.

This recent sale follows a previous announcement by Amazon earlier this month, indicating Bezos’s intention to sell 50 million shares over the next year, valued at approximately $8.4 billion at current market prices.

The first tranche of this sale, comprising 12 million shares, was disclosed in a regulatory filing last Friday, with an additional 12 million shares sold as announced on Tuesday.

Bezos has a history of philanthropy and has also donated shares of Amazon in the past, most recently in 2022.

His decision to relocate from Seattle, Washington, to Miami, Florida, last year is expected to result in substantial tax savings. While Washington imposes a 7% tax on gains above $250,000 from stock sales, Florida does not levy state taxes on incomes or capital gains.

However, Bezos will still be subject to federal taxes on the proceeds from selling his Amazon shares.

Speculation arose about Bezos’s move to Florida amid Washington state’s approval of a new tax on large stock sales, suggesting that potential tax liabilities may have influenced his decision to relocate.

Bezos’s recent divestment from Amazon comes against the backdrop of the company’s soaring stock performance, with shares climbing nearly 70% over the past year.

In November, Bezos cited personal reasons for his move to Miami, expressing a desire to be closer to family and his Blue Origin space project, which has been increasingly centered around Cape Canaveral.

Despite selling a portion of his Amazon holdings, Bezos remains the company’s largest shareholder and ranks among the wealthiest individuals globally, with an estimated fortune exceeding $190 billion.