Jul 3, 2024, 1:41 PM | Updated: Jul 4, 2024, 10:56 am
Founder and Executive chairman of Amazon Jeff Bezos is doing a bit of profit-taking by shedding stock, and he’s doing it in the right place. According to a regulatory filing, he’s selling 25 million Amazon shares worth $5 billion.
Miami is now Bezos’s official residence and Florida does not have a capital gains tax. Had Bezos stayed in Seattle, he would have been subject to Washington’s capital gains tax.
At 7%, Bezos may have had to pay approximately $350 million in taxes. The city also has a capital gains tax he may have been subject to. In total, Bezos saved almost $1 billion by moving to South Beach.
Amazon news: Company becomes fifth U.S. firm to reach $2 trillion valuation, thanks to AI
According to GeekWire, the proposed sale on Tuesday came as Amazon’s stock closed at $200 per share, its highest price since the company’s 1997 NASDAQ listing. Amazon’s stock is up more than 50% in the past 12 months, marking a big bounceback from 2022 amid the tech downturn.
It’s not the first time Bezos dumped a bunch of Amazon stock. In February, he sold about $8.5 billion worth of Amazon shares, his first sale of company stock since 2021.
Since leaving the top job at Amazon, Bezos has focused on philanthropy and his rocket company, Blue Origin.
Bill Kaczaraba is a content editor at MyNorthwest. You can read his stories here. Follow Bill on X, formerly known as Twitter, here and email him here.
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