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One of the richest people in the world is disposing of his shares

One of the richest people in the world is disposing of his shares

Jeff Bezos has sold an additional 14 million Amazon shares worth around $2.4bn (£1.9bn). along with It sold a total of about 50 million shares worth $8.5 billion over the past nine trading days. The tech giant announced in November that Bezos plans to sell up to 50 million shares by the end of January 2025.

Amazon shares are being sold after a significant rise in prices, as the value of the securities increased by more than 76% in the past year. The last time Bezos sold Amazon shares was in 2021, and he also donated shares as part of his charitable activities, most recently in 2022.

Bezos He moved from Seattle, Washington, to Miami, Florida, last year, allowing him to save nearly $600 million in taxes. After selling shares worth $8.5 billion. In Washington state, gains from the sale of stocks or other long-term investments are taxed at 7% if they exceed $250,000. On the other hand, Florida does not impose a state tax on income or capital gains. However, Bezos will still be required to pay federal taxes on the stock sale.

Following Bezos' move, there was speculation that his decision may have been prompted by a potential tax bill related to a new tax on high-value stock sales in Washington state. Bezos said in November that his parents had recently returned to Miami, where he spent part of his childhood, and that he wanted to be close to them and the Blue Origin space project.

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Bezos remains Amazon's largest shareholder and one of the richest people in the world, with an estimated fortune of more than $190 billion.

Cover image source: Amazon

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