Amazon founder and executive chair, Jeff Bezos, has sold approximately 50 million shares of Amazon stock over the past nine trading days, totaling around $8.5 billion. This comes after Amazon’s stock has seen a significant increase of more than 76% in the past year.
Bezos, one of the world’s wealthiest individuals with an estimated fortune exceeding $190 billion, last sold Amazon shares in 2021 and has also donated shares as part of his philanthropic efforts.
Bezos’s move to Miami, Florida from Seattle, Washington is expected to save him nearly $600 million in state taxes on the stock sale, as Florida does not impose state taxes on incomes or capital gains.
However, he remains liable for federal taxes on the shares sold. His relocation to Miami was motivated by personal reasons, including being closer to family and his Blue Origin space project, which is increasingly centered around Cape Canaveral. Despite the sale of shares, Bezos retains his position as Amazon’s largest shareholder.
Source: BBC
