Jeff Bezos sells more Amazon shares, billionaire unloads over $4 billion worth in less than a week

Jeff Bezos, the billionaire founder of Amazon, has recently sold additional shares in the company, totalling more than $4 billion in value, in just a week.

Amazon disclosed that Bezos has sold 24 million shares of the tech giant this month. This follows an announcement earlier in the month that Bezos planned to sell a total of 50 million shares over the next year, valued at around $8.4 billion at current market prices.

These recent sales mark Bezos’ first offloading of Amazon shares since 2021. He has also previously given away shares as part of his philanthropic efforts, with the most recent instance occurring in 2022.

Bezos’s decision to relocate from Seattle, Washington, to Miami, Florida, last year has tax implications. By moving to Florida, Bezos is estimated to save around $280 million in state taxes on the $4 billion worth of stock he has sold. Unlike Washington, Florida does not impose state taxes on incomes or capital gains above $250,000.

Speculation arose over Bezos’s relocation regarding potential tax implications, particularly after Washington state approved a new tax on large stock sales.

Bezos’s move to Miami was motivated by personal reasons, including being closer to family and his Blue Origin space project, which is increasingly based in Cape Canaveral. He expressed his affection for Miami in a November Instagram post, mentioning his fiancée, Lauren Sánchez.

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

(With inputs from agencies)