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Jeff Bezos, the founder of Amazon and one of the wealthiest individuals in the world, has recently made headlines for selling over $4 billion worth of Amazon shares. This move has increased the company’s market value to over $4 billion, solidifying Bezos’s position as a major player in the business world.
Bezos, who co-founded Amazon in 1994 and has served as its executive chair, announced this month that he had sold 24 million shares of the digital giant. This comes on the heels of his decision to sell his final stake in Amazon in 2021. Looking ahead, Bezos plans to sell a total of 50 million shares over the next year, further shaking up the stock market and garnering attention from investors worldwide.
The announcement of Bezos’s stock sales came in two parts: first, on Friday in a regulatory filing, and then again on Tuesday. This move marks a significant shift in Bezos’s financial strategy, as he looks to diversify his investments and potentially explore new opportunities in the business world.
Despite the hefty sum of money involved in these sales, Bezos will be exempt from state taxes on the $4 billion worth of shares he has sold. This is due to his relocation from Seattle, Washington, to Miami, Florida, last year. By moving to Florida, Bezos has avoided the 7% tax rate that Washington state residents face on gains exceeding $250,000 from the sale of stocks or other long-term assets. Additionally, Florida does not impose a state income tax on earnings and profits from investments, providing Bezos with a significant tax advantage.
While Bezos’s relocation to Florida has financial benefits, some speculate that his decision was also influenced by the desire to be closer to his parents and his Blue Origin space project, which is increasingly focused on operations in Cape Canaveral. Bezos mentioned in November that he and his fiancée, Lauren Sánchez, love Miami and are planning to make it their new home, leaving behind the Pacific Northwest where Bezos spent part of his childhood.
With an estimated net worth of over $190 billion, Bezos remains a dominant force in the business world and retains his position as the largest shareholder at Amazon. His strategic moves in selling shares and relocating to Florida demonstrate his continued commitment to growing his wealth and expanding his influence in various industries.
As Bezos continues to make headlines with his financial decisions and business ventures, the world watches closely to see what the future holds for this innovative and ambitious entrepreneur. With over $4 billion in Amazon shares sold and more sales on the horizon, Bezos is sure to remain a key player in the global business landscape for years to come.
