Jeff Bezos has recently sold off 14 million shares of Amazon.com Inc., totaling approximately $2.4 billion. This move comes after a plan he disclosed earlier in the month to sell up to 50 million shares. The selling spree, which occurred over just nine trading days, has brought his total cash out to $8.5 billion.
The latest transaction took place over three trading days, ending on Tuesday, as per a regulatory filing. Prior to this, Bezos had not disposed of any company stock since 2021. Bezos, who is the founder of Amazon and also owns space exploration company Blue Origin and the Washington Post, has not disclosed any specific plans for the proceeds from these sales. Additionally, he announced on November 2nd that he would be moving to Miami from the Seattle region.
It is worth noting that Washington state has instituted a 7% capital gains tax in 2022, something that Florida does not have. This means that Bezos’s relocation is likely to save him hundreds of millions of dollars in taxes. Currently, Bezos has a net worth of $191.3 billion, according to the Bloomberg Billionaires Index.
Spokespeople for Amazon and Bezos have not provided any immediate comments on these recent developments.
