Jeff Bezos sells $4 billion of Amazon stock in four trading days | International Business News

Feb14,2024



jeff bezos Didn't have to wait long to start cashing in Amazon.com Inc.'s rally at the beginning of the year.
Less than two weeks after revealing plans to sell 50 million shares of the company he founded, Bezos has sold 24 million shares, worth more than $4 billion. The sale, revealed in a regulatory filing, took place in just four trading days. The world's second-richest person had not previously sold stocks since 2021.
Bezos hasn't said why he's selling now, but the timing of when he launched the trading plan may provide a clue. He announced on November 2 that he was moving from the Seattle area to Miami. They adopted a so-called 10(b)5-1 plan on November 8.
Washington state imposes a 7% capital gains tax in 2022 – something Florida does not have – meaning Bezos's transfer is likely to save him $288 million so far. Because Bezos only purchased a single share of Amazon, it is safe to assume that he has owned the stock since the company's founding and so virtually all of their value would be considered capital gains.
Amazon shares were up 13% this year by the close Monday, the day Bezos sold the shares, according to a filing. They slipped 2.2% to $168.64 on Tuesday.
Spokespeople for Amazon and Bezos declined to comment.
According to state officials, the $288 million tax bill would be a significant windfall for Washington, which raised $855 million from capital gains taxes last year, more than half of which came from just 10 people.
Taxes in the state have suffered some setbacks. In March, billionaire Ken Fisher, criticizing the tax and the court decision upholding it, said he would move his company from Washington to Texas. A ballot initiative could make its way to voters in November seeking to repeal the levy.



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