Amazon founder Jeff Bezos sold 24 million shares of the company on February 14th, generating a huge sum of over $4 billion. According to Bloomberg, this is the first time Bezos has sold his Amazon shares since 2021. The move comes after he announced his intention to sell up to 50 million shares over the next year, nearly half of which were sold in just four days.
Transfer and tax saving possibilities
The motivation behind Bezos’ decision to sell his Amazon shares remains unclear. However, his previous decision to relocate from the Seattle area to Miami raised eyebrows. Florida is known for not imposing a capital gains tax, in contrast to Washington state, which introduced a capital gains tax in 2022. This strategic move could save Bezos about $288 million in taxes.
Despite significant financial transactions, Amazon and Jeff Bezos have declined to comment on the matter, the Bloomberg report added. The impact of Mr. Bezos’ actions extends beyond his personal finances and could impact Washington state’s capital gains tax revenue.
On February 16th, Jeff Bezos continued selling his Amazon stock, selling an additional 12 million shares worth $2 billion. This brings his sales total over the past week to over $6 billion. The sale is part of Bezos’ previously disclosed plan to dispose of up to 50 million shares, with a total of about 36 million shares sold to date.
Bezos’ wealth soars to $199.5 billion, making him the world’s richest person
Despite the continued sales, Bezos has not explained the sales. His decision to develop a trading plan is consistent with Amazon’s Feb. 2 disclosure that it intends to sell up to 50 million shares over the next 12 months. According to the Bloomberg Billionaires Index, Bezos’ wealth has increased by $22.6 billion this year to $199.5 billion.
Forbes estimates Bezos’ wealth at $195.5 billion, securing his position as the world’s third richest individual after Bernard Arnault and Elon Musk. Bezos has a history of selling Amazon stock, selling more than $30 billion since 2002, with big deals in 2020 and 2021. Additionally, the company is actively donating stock, donating approximately $230 million to nonprofit organizations in November.
Here’s how the internet reacted
(Information provided by Bloomberg)
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