Jeff Bezos earns $8.5 billion

Worth an estimated $2.8 billion (£1.9 billion), multibillionaire Jeff Bezos has sold an additional 14 million shares of Amazon. With this most recent sale, he has now sold roughly 50 million shares of the company for a total estimated value of $8.5 billion over the last nine trading days. Before this, the tech giant had declared that by the end of January 2025, Mr. Bezos would sell up to 50 million shares. His Amazon stock sales come after a year in which the company’s value increased by over 76%. The founder and executive chair of the company, Mr. Bezos, last sold Amazon stock in 2021. As part of his charitable endeavors, he has also donated Amazon stock, most recently in 2022. Mr. Bezos will save nearly $600 million in taxes on the $8.5 billion in stock he sold since relocating to Miami, Florida, from Seattle, Washington, last year. Washington state levies a 7% tax on gains over $250,000 from the sale of shares or other long-term investments. There are no state income or capital gains taxes in Florida. Nevertheless, the sale of the shares will still subject him to federal taxes. There was conjecture when Mr. Bezos announced he was moving to Florida as to whether this was due to a possible tax bill he would have had to pay in Washington after the state approved a new tax on large stock sales.

As he was “increasingly shifting to Cape Canaveral” for his Blue Origin space project, Mr. Bezos stated in November that he wanted to be near his parents, who had recently returned to Miami, where he had spent part of his childhood. He posted on Instagram, “Lauren and I love Miami,” mentioning his fiancée Lauren Sánchez. “For all that, I’m planning to return to Miami, leaving the Pacific Northwest,” he stated. With an estimated net worth of more than $190 billion, Mr. Bezos continues to be the largest shareholder in Amazon and is among the richest persons in the world. A BBC request for comment was met with no response right away from Amazon.

Jeff Bezos, the founder of Amazon, is moving from Seattle to Miami

The billionaire will avoid paying nearly $600 million in taxes on the $8.5 billion worth of shares he has sold since relocating to Miami, Florida, from Seattle, Washington, last November. Florida does not impose state taxes on income or capital gains, according to BBC, but Washington state recently imposed a 7% tax on gains exceeding $250,000 from the sale of shares or other long-term investments. How Jeff Bezos plans to use the money from this sale has not yet been made public. Bezos, the largest shareholder of Amazon, is estimated by the Bloomberg Billionaires Index to be worth $191.3 billion. 

Due to its well-known lack of a state income tax, Florida attracts a lot of people looking to lower their tax obligations. Being a billionaire, Jeff Bezos stands to gain from the lack of a state income tax as well as possibly save a substantial sum of money on the sale of shares. It’s vital to remember that tax laws and regulations are subject to change, and people may decide to reside somewhere else for reasons other than those related to taxes. Check reputable news sources or official announcements for the most accurate and current information on Jeff Bezos’s relocation and the related tax implications.

Jeff Bezos Offers Shares of Amazon

The most recent sale took place over three trading days that concluded on Tuesday, according to a regulatory filing.  According to the BBC, the third-richest person in the world sold Amazon stock after it had increased by more than 76% over the previous 12 months. Bezos, the founder and executive chair of Amazon, hasn’t sold any company stock since 2021. SEE ALSO: Jeff Bezos Net Worth 2024: The Founder of Amazon Is Just $5 Billion Away From Becoming the Richest Person in the World After Elon Musk. More than 20 million shares of Amazon.com Inc. (AMZN), the business he founded in his Seattle garage thirty years ago, have been sold by Jeff Bezos in the last week.

He is adhering to a corporate insider-only prescribed plan, and the tax bill on the transaction will be lowered as a result of his recent cross-country relocation. The former CEO of Amazon and third-richest person in the world, Jeff Bezos, sold $6 billion worth of the company’s stock between February 7 and February 14, according to documents filed with the Securities and Exchange Commission. Bezos sold Amazon shares for the first time since November 2021. Even though it was a sizable sum of money, Bezos still owns more than 952 million shares of Amazon, valued at more than $160 billion, so the sale only made up 3.6% of his total stake. As part of a set procedure for selling company stock, Bezos sold his shares. And that process’s tax burden will be lessened by his recent relocation to Miami.

When he was getting ready to step down as CEO in 2021, he went on his last major Amazon-selling binge

I’m grateful for the extra details. Jeff Bezos indeed has a history of selling sizable stakes in Amazon, especially during key changes in his position within the company. Selling shares may be a component of portfolio management, diversification, or reaching individual financial objectives. Executives, particularly founders like Bezos, frequently sell shares regularly as part of their overall financial plan. They can take advantage of profits, control risk, and have cash on hand for investing or personal use. In the event that Bezos goes on another selling binge in 2024, official announcements and regulatory filings will probably contain the specifics and reasons for the action. You might want to consult reputable financial news outlets or official statements from Amazon and Jeff Bezos himself for the most recent and accurate information.