Jeff Bezos sells 24m Amazon shares: what you need to now

99 views
Multi-billionaire Jeff Bezos has sold more of his shares in Amazon, bringing the total value of sales in recent days to more than $4bn (£3.2bn).
Multi-billionaire Jeff Bezos has sold more of his shares in Amazon, bringing the total value of sales in recent days to more than $4bn (£3.2bn).

Multi-billionaire Jeff Bezos has sold more of his shares in Amazon, bringing the total value of sales in recent days to more than $4bn (£3.2bn).

Significant Sell-off:

Jeff Bezos, the founder of Amazon, has sold 24 million Amazon shares this month, a move that has garnered attention given its scale and timing.

Unprecedented Sale:

This marks Bezos’s first major sell-off of Amazon shares since 2021. Earlier this month, the company announced his intention to sell 50 million shares over the next year, valued at approximately $8.4 billion.

Philanthropic Endeavors:

Bezos has a history of philanthropy, having previously donated Amazon shares. However, this recent sell-off is primarily seen as a financial decision rather than a philanthropic gesture.

Tax Implications:

Bezos’s relocation from Seattle to Miami last year may result in substantial tax savings. Florida’s lack of state income or capital gains tax means Bezos could save around $280 million on the $4 billion worth of stock sold.

Federal Tax Liability:

While Florida’s tax benefits are significant, Bezos remains subject to federal taxes on the sale of shares, ensuring he still incurs tax obligations despite the move.

Speculation Over Relocation:

Bezos’s move to Florida sparked speculation about potential tax motivations, especially after Washington state approved a new tax on large stock sales. However, Bezos cited personal reasons, including proximity to family and his Blue Origin space project, for the move.

Amazon’s Growth:

Bezos’s sale of Amazon shares comes amidst a period of significant growth for the company, with shares rising nearly 70% over the past year.

Remaining Wealth:

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

Bezos’s decision to sell Amazon shares and relocate to Florida underscores the complex interplay between personal wealth management, tax considerations, and philanthropic endeavors for one of the world’s most prominent business figures.

Gary Monroe

Gary Monroe is a seasoned contributor to the Los Angeles Business Magazine, where he offers insightful analysis on local business trends and economic developments. With a focus on Los Angeles' dynamic commercial landscape, Gary's articles provide valuable perspectives for entrepreneurs and business professionals in the city.

Leave a Reply

Your email address will not be published.

Previous Story

UK inflation surprises experts, slows to 4% amidst drop in food prices

Next Story

UK economy shrinks, raising recession concerns

Latest from BUSINESS

withemes on instagram

This error message is only visible to WordPress admins

Error: No feed found.

Please go to the Instagram Feed settings page to create a feed.