Jeff Bezos offloads 24 million Amazon shares for over $4 billion in just 4 days of trading

Jeff Bezos, the billionaire founder of Amazon, has made headlines by selling 24 million of his Amazon shares, resulting in a profit of more than $4 billion, according to Bloomberg. This move marks the first time Bezos has sold company shares since 2021, and it follows his previous announcement of his intention to sell up to 50 million shares over the next 12 months. However, Bezos managed to sell nearly half of the intended shares in just four days.

The sale of Bezos’ shares comes after Amazon’s stock saw a 13% increase earlier this year, only to slip by 2.2% to $168.64 on February 13, the day of Bezos’ share sale. The increase in Amazon’s stock price was attributed to its strong online sales growth, which was the highest since the beginning of the pandemic, resulting in an almost 8% increase to $172 and an accumulation of $12.1 billion to Bezos’ wealth in just one day.

Bezos’ decision to sell his Amazon shares has raised questions about his motivation, as he has not publicly disclosed the reason for this significant financial move. However, it follows his recent announcement of relocating from the Seattle area to Miami, a state known for not imposing a capital gains tax, in contrast to Washington state’s 7% tax on earnings introduced in 2022. This strategic change of base could potentially help Bezos save around $288 million in taxes.

Despite the buzz around these transactions, both Amazon and Bezos have remained silent on the matter, offering no comments to Bloomberg. The implications of Bezos’ actions extend beyond his personal finances, potentially impacting Washington state’s revenue from the capital gains tax, which, in 2023, brought in $855 million for the state and partly relies on contributions from the state’s richest people. Billionaire Ken Fisher also recently announced plans to move from Washington to Texas due to the heavy capital gains tax.

Bezos’ recent actions and their potential implications emphasize the complex and multifaceted nature of the financial decisions made by influential figures like him. As the situation continues to develop, it will be interesting to see the broader impact of Bezos’ decisions on both his personal wealth and the states involved.