Business

Jeff Bezos sells shares worth more than $4 billion

Jeff Bezos, the founder of Amazon with a net worth of several billion dollars, has just sold further shares in the company. The total value of these transactions has exceeded $4 billion (£3.2 billion).

Amazon, the technological conglomerate established by Mr. Bezos in 1994, has announced the sale of 24 million shares this month.

Mr Bezos, who holds the position of executive chair at the company, last disposed of Amazon shares in 2021.

In a recent announcement, the firm revealed its intention to sell 50 million shares next year. Based on current market values, these shares have an approximate value of $8.4 billion.

A regulatory filing on Friday disclosed the first sale of 12 million shares, followed by another notice on Tuesday regarding the sale of an additional 12 million shares.

In addition to his philanthropic efforts, Mr. Bezos has also distributed shares in Amazon, the most recent of which occurred in 2022.

By relocating from Seattle, Washington, to Miami, Florida, last year, Mr. Bezos will benefit from tax savings of around $280 million on the $4 billion worth of shares he has sold.

Demand for billionaires to be subjected to a minimum tax rate. The Los Angeles Times plans to reduce its personnel by 20% via layoffs.

Washington state imposes a 7% tax rate on gains exceeding $250,000 from selling shares or other long-term assets. Florida does not levy state taxes on personal wages or capital gains.

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

Mr Bezos's relocation to Florida sparked conjecture about whether it was motivated by the possibility of a substantial tax liability in Washington after the state endorsed a new tax on significant stock transactions.

He is selling his Amazon shares, which have increased in value by almost 70% over the last year.

In November, Mr. Bezos said that his parents had just relocated to Miami, where he had spent part of his youth. He expressed his desire to live near his parents and his Blue Origin space project, which was progressively transitioning to Cape Canaveral.

"Miami is adored by both of us," he said on Instagram, alluding to his betrothed, Lauren Sánchez.

"Despite this, I intend to go back to Miami, departing from the Pacific Northwest," he said.

Mr Bezos retains the most significant ownership stake in Amazon and is among the wealthiest individuals globally, with a fortune estimated to exceed $190 billion.