Jeff Bezos (right) and girlfriend Lauren Sánchez

Multi-billionaire Jeff Bezos has sold more of his shares in Amazon, bringing the total value of sales in recent days to more than $4bn (£3.2bn).

The technology giant, which Mr Bezos founded in 1994, said he has sold 24 million Amazon shares this month.

Mr Bezos, who is the firm’s executive chair, last sold Amazon shares in 2021.

Earlier this month, the company said he was planning to sell 50 million shares over the next year, which are worth around $8.4bn at current prices.

The first sale of 12 million shares was announced in a regulatory filing on Friday, followed by an announcement on Tuesday of the sale of another 12 million shares.

Mr Bezos has also given away shares in Amazon as part of his philanthropy, most recently in 2022.

As Mr Bezos moved to Miami in Florida from Seattle in Washington last year, he will save around $280m in tax on the $4bn worth of stock he has sold.

Gains above $250,000 from the sale of shares or other long term investments, are taxed at 7% in Washington state. Florida does not have state taxes on incomes or capital gains.

However, he will still be liable to federal taxes as a result of selling the shares.

When Mr Bezos announced his move to Florida it prompted speculation over whether it was because of a potential tax bill he would have faced in Washington after the state approved a new tax on large stock sales.

His sales of Amazon shares come after they have risen by almost 70% in the past year.

Mr Bezos said in November that his parents had recently moved back to Miami where he spent some of his childhood and that he wanted to be close to them and to his Blue Origin space project, which was “increasingly shifting to Cape Canaveral”.

“Lauren and I love Miami,” he wrote on Instagram, referring to his fiancée Lauren Sánchez.

“For all that, I’m planning to return to Miami, leaving the Pacific Northwest,” he added.

Mr Bezos remains Amazon’s biggest shareholder and is one of the richest people in the world, with an estimated fortune of more than $190bn.

Source

6 comments
  1. It’s a pity you don’t have a donate button! I’d definitely donate to this brilliant blog! I suppose for now i’ll settle for bookmarking and adding your RSS feed to my Google account. I look forward to new updates and will talk about this website with my Facebook group. Talk soon!

  2. Can I just say what a relief to find someone who actually knows what theyre talking about on the internet. You definitely know how to bring an issue to light and make it important. More people need to read this and understand this side of the story. I cant believe youre not more popular because you definitely have the gift.

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Can AI cut humans out of contract negotiations?

By Sean McManus Technology Reporter “Lawyers are tired. They’re bored a lot…

OpenAI staff demand board resign over Sam Altman sacking

By Chris Vallance, Annabelle Liang & Zoe Kleinman Technology and business reporters…

Black Women in Cybersecurity Initiative

About this event 1 hour Mobile eTicket Overview The Black Women in…

Nasa astronaut Frank Rubio has just returned from a record-breaking 371 days in space onboard the ISS, but the trip may have altered his muscles, brain and even the bacteria living in his gut.

With a few handshakes, a brief photoshoot and a wave, Nasa astronaut…

AI: EU agrees landmark deal on regulation of artificial intelligence

European Union officials have reached a provisional deal on the world’s first…

China and Australia: Frenemies who need each other

By Nick Marsh Asia Business Correspondent China and Australia are proof that…

The race to buy AI website addresses

By David Silverberg Technology reporter When tech entrepreneur Ian Leaman needed to…

Xi Jinping arrives in the US as his Chinese Dream sputters

By Tessa Wong Asia Digital Reporter, BBC News When Xi Jinping stepped…