Jeff Bezos Sells Over $4 Billion in Amazon Shares
Amazon's founder and executive chairman, Jeff Bezos, has sold more than $4 billion (£3.2 billion) worth of his shares in the tech giant. The sales, totaling 24 million shares, occurred over the past few days, with nearly 12 million shares worth over $2 billion (£1.58 billion) sold on both February 7th and 8th.
Bezos, who stepped down as Amazon's CEO in 2021, is executing a plan that was announced in November 2023 to sell up to 50 million shares by January 31, 2025, with an estimated market value of $8.4 billion (£6.65 billion). Bezos is Amazon's largest shareholder and currently owns nearly ten percent of the company's stock. His net worth is estimated to be around $200 billion.
The move coincides with Bezos' decision to establish his primary residence in Florida, capitalising on the state's favourable tax system. The relocation from Seattle to Miami is expected to save him approximately $280 million in state taxes on the recent $4 billion stock sales, given Florida's absence of state income tax and capital gains tax.
The billionaire's decision to sell shares aligns with his commitment to focus on other ventures, such as the rocket company Blue Origin and philanthropic endeavours. The sales come amidst Amazon's robust financial performance, reporting $170 billion in revenue for the final quarter of the previous year, with its share price soaring over 8 percent on February 1st.
