(RepublicanNews.org) – Multi-billionaire Jeff Bezos is set to sell a further $2 billion of Amazon shares the week after selling another block of shares also worth $2 billion. The former CEO of Amazon, now acting as Amazon’s executive chairman, informed federal regulators of the sales while also filing a separate notice with the U.S. Securities and Exchange Commission. This separate notice detailed his proposal to sell a further 50 million shares at a value of $8.04 billion.
Founding Amazon as an online bookshop in 1994, Bezos has grown the company into a globally successful online marketplace for a multitude of products. Its current market capitalization stands at a staggering $1.75 trillion, with share values approaching $170 apiece. In recent years, he has taken a step back from his involvement with Amazon, moving some of his focus instead to his space venture, Blue Origin. As well as selling off large blocks of shares, he has also given away nearly $240 million of shares as part of his philanthropic efforts.
Bezos, whose divorce from his wife of 25 years, Mackenzie Scott, involved him signing over $38 billion of Amazon shares to her, is currently engaged to Lauren Sanchez. He has spoken before of their shared love for Florida, and Bezos has recently confirmed relocation from Washington state to Miami. Bezos has cited reasons including a desire to be closer to both his parents and his Blue Origin venture, although it is understood that the move will also allow him to enjoy considerably less tax on his nearly $200 billion net worth.
In 2022 Washington state introduced a 7% tax on the sale of any stocks or bonds worth $250,000, whereas Florida has no such equivalent tax. The Sunshine State also has no state income or capital gains tax. As a result, if Amazon’s share price remains reasonably level over the coming year, Bezos is predicted to save a nine-figure sum in taxes as he sells further stock, effectively covering the cost of his $500 million superyacht by 2025.
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