In the latest news, Jeff Bezos has sold an additional 12 million shares of Amazon.com Inc., totaling $2 billion. This brings the total amount of shares sold in the past week to over $6 billion. The sales are part of a pre-disclosed plan to dispose of a maximum of 50 million shares of the company Bezos founded.
The latest tranche was sold on Tuesday and Wednesday, according to a filing. This brings the total number of shares sold to approximately 36 million. While Bezos hasn’t provided an explanation for the sales, the timing of when he instituted the trading plan in early November might provide a clue. Bezos announced his move to Miami from the Seattle region on November 2, and then adopted a so-called 10(b)5-1 plan on November 8.
Interestingly, Bezos’ relocation to Florida likely saved him around $430 million in taxes. This is due to Washington state recently implementing a 7% levy on capital gains, while Florida has no such tax. Despite this significant move, spokespeople for Bezos and Amazon have not responded to a request for comment.
In summary, Jeff Bezos has sold an additional $2 billion worth of Amazon shares in his most recent stock dump, bringing the total sold in the past week to over $6 billion. The move to Florida appears to have been a strategic tax-saving decision, and it remains to be seen how the sale of shares will continue to unfold.
