Jeff Bezos Completes $8.5 Billion Amazon Share Sale Plan
Amazon’s founder, Jeff Bezos, has finalized another phase of his share sale plan, disposing of approximately 14 million Amazon shares valued at around $2.4 billion (£1.9 billion).
This recent sale marks Bezos’s divestment of approximately 50 million Amazon shares over the past nine trading days, totalling approximately $8.5 billion. Bezos had previously disclosed intentions to sell up to 50 million shares by January 2025.
The decision to sell shares comes amidst Amazon’s notable stock growth, surging by over 76% in the past year.
As the founder and executive chair of the tech giant, Bezos had not sold Amazon shares since 2021. Additionally, he has previously donated Amazon shares as part of his philanthropic endeavours, including in 2022.
Bezos’s relocation from Seattle, Washington, to Miami, Florida, last year carries significant tax implications. By moving to Florida, Bezos stands to save nearly $600 million in state taxes on the $8.5 billion worth of stock sold. Unlike Washington, Florida does not impose state taxes on incomes or capital gains exceeding $250,000.
While Bezos will avoid substantial state taxes through his move, he remains subject to federal taxes resulting from the share sales.
Speculation arose when Bezos announced his move to Florida, prompting questions about potential tax motivations following Washington state’s approval of a new tax on large stock sales.
Bezos cited personal reasons for relocating, including a desire to be closer to family and his Blue Origin space project, which is increasingly centred around Cape Canaveral. Expressing fondness for Miami, Bezos emphasized his intention to return to the city where he spent part of his childhood, citing family ties and personal interests.
Despite the share sales, Bezos remains Amazon’s largest shareholder and maintains his position among the world’s wealthiest individuals, boasting an estimated fortune exceeding $190 billion.
