Jeff Bezos Unloads Over $4 Billion Worth of Amazon Shares

Billionaire mogul Jeff Bezos has made headlines once again by offloading a substantial portion of his Amazon shares, totaling over $4 billion (£3.2 billion) in recent days.

The tech behemoth, which Bezos famously founded back in 1994, confirmed that he has divested himself of 24 million Amazon shares just this month.

Bezos, who currently holds the position of executive chair at the company, had last undertaken a similar share sale back in 2021.

Earlier this month, Amazon disclosed Bezos’s intention to sell 50 million shares over the coming year, valued at approximately $8.4 billion based on current market prices.

The initial tranche of 12 million shares was reported in a regulatory filing on Friday, followed swiftly by another announcement on Tuesday regarding the sale of an additional 12 million shares.

In addition to selling shares, Bezos has also engaged in philanthropic endeavors by donating Amazon stock, most notably in 2022.

Bezos’s relocation from Seattle, Washington, to Miami, Florida, last year carries significant tax implications. By making the move, Bezos stands to save approximately $280 million in taxes on the $4 billion worth of stock he has divested.

Washington state levies a 7% tax on gains exceeding $250,000 from the sale of shares or other long-term investments, while Florida imposes no state taxes on incomes or capital gains. Nonetheless, Bezos remains subject to federal taxes resulting from the share sales.

Speculation arose upon Bezos’s move to Florida, with some questioning whether it was motivated by potential tax liabilities in Washington following the state’s approval of a new tax on large stock sales.

Bezos’s decision to part with Amazon shares comes amid a meteoric rise in their value, appreciating nearly 70% over the past year.

In November, Bezos shed light on his move to Florida, citing a desire to be closer to family, particularly his parents who relocated to Miami, as well as his Blue Origin space project, which is increasingly centered around Cape Canaveral.

“We love Miami,” Bezos expressed on Instagram, referring to himself and his fiancée Lauren Sánchez. “For all that, I’m planning to return to Miami, leaving the Pacific Northwest,” he added.

Despite divesting a significant portion of his Amazon holdings, Bezos remains the company’s largest shareholder and one of the wealthiest individuals globally, boasting an estimated fortune exceeding $190 billion.