Amazon founder Jeff Bezos completes $8.5bn share sale plan

Amazon founder Jeff Bezos completes $8.5bn share sale plan

Jeff Bezos sold 14 million Amazon shares for $2.4 billion.

He has sold approximately 50 million company shares in the past nine trading days, totaling around $8.5 billion. 

The technology corporation had announced earlier that Mr. Bezos would divest up to 50 million shares by January 2025.

He sold his Amazon stock after it increased by over 76% last year. 

Mr. Bezos, the founder and executive chair of the firm, last sold Amazon shares in 2021.

In 2022, he donated shares to Amazon as part of his philanthropic efforts.

Last year, Mr. Bezos relocated from Seattle, Washington, to Miami, Florida, resulting in nearly $600 million in tax savings on the $8.5 billion worth of stock he sold.

Profits exceeding $250,000 from selling stocks or other long-term investments are subject to a 7% tax rate in Washington State. Florida does not levy state taxes on income or capital gains.

Nevertheless, he will still be subject to federal taxes due to the sale of the shares.

Mr. Bezos' decision to relocate to Florida sparked speculation about whether it was due to a possible tax liability he might have incurred in Washington following the state's approval of a new tax on significant stock transactions.

In November, Mr. Bezos mentioned that his parents had relocated to Miami. He wanted to be near his childhood neighborhood and his Blue Origin space project, transitioning towards Cape Canaveral.

He expressed his affection for Miami on Instagram, mentioning his fiancée Lauren Sánchez.

"Nevertheless, I intend to go back to Miami, departing from the Pacific Northwest," he stated.

Mr. Bezos is the largest shareholder of Amazon and is considered one of the wealthiest individuals globally, with a fortune exceeding $190 billion.

Amazon did not promptly reply to a request for comment from the BBC.