Jeff Bezos continues selling Amazon shares, worth $8.5bn 

Multi-billionaire Jeff Bezos has sold 14 million Amazon stocks, valued at approximately $2.4 billion (£1.9 billion).

Magnitude of Sale

Jeff Bezos, the founder and executive chair of Amazon, has recently made headlines with his decision to sell approximately 50 million shares in the company. These sales, occurring over the span of nine trading days, amount to a staggering $8.5 billion.

Sales Timeline

Bezos’s latest move follows his previous announcement regarding the intention to sell up to 50 million shares by January 2025. Notably, this marks his first significant divestment of Amazon shares since 2021.

Market Performance

The timing of Bezos’s sales coincides with a remarkable surge in Amazon’s stock price, which has seen a remarkable increase of over 76% in the past year alone.

Philanthropy and Previous Sales

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While actively managing his wealth, Bezos has also been known for his philanthropic endeavors. In the past, he has donated Amazon shares as part of his charitable contributions, with notable instances occurring as recently as 2022.

Tax Implications

Bezos’s relocation from Washington state to Florida in 2021 carries significant tax implications for his recent stock sales. 

By moving to Florida, where there are no state taxes on incomes or capital gains, Bezos stands to save nearly $600 million in state taxes on the sold stock. However, he remains liable for federal taxes on these transactions.

Reasons for Relocation

Bezos’s decision to relocate to Miami, Florida, stems from personal reasons, including a desire to be closer to family and his ongoing involvement with Blue Origin, his space exploration venture. His move to Miami also aligns with his fiancée Lauren Sánchez’s preferences.

Remaining Wealth

Despite the substantial divestment of Amazon shares, Bezos remains the company’s largest shareholder and continues to hold an estimated fortune exceeding $190 billion.

Company Response

Amazon has yet to provide official commentary on Bezos’s recent share sales, though his continued divestment underscores his strategic financial management and commitment to philanthropy amidst Amazon’s robust market performance.