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Amazon (Nasdaq: AMZN) founder and executive chair, Jeff Bezos, has been cashing in on the e-commerce giant’s rally this year, regulatory filings revealed. He offloaded nearly 24 million shares, totaling more than $4 billion, this month.
The share sales transpired over four trading sessions. Bezos, who had not sold Amazon (AMZN) stock since 2021, now holds over 964 million shares in the company.
These actions occurred nearly two weeks after Amazon (AMZN) disclosed that Bezos adopted a trading plan, allowing him to sell as many as 50 million shares, equivalent to about $8.6 billion, before January 31, 2025.
Interestingly, Bezos established the trading plan on November 8, just days after announcing his relocation from Seattle to Miami. While he cited reasons such as proximity to his parents and his spaceflight company Blue Origin’s operations in Florida, the timing suggests potential tax objectives.
Washington had imposed a 7% capital gains tax in 2022 on gains exceeding $250,000 for residents. In contrast, Florida does not impose state taxes on capital gains.
For the 50 million shares that Bezos plans to sell over the next year, he stands to save at least $610 million in taxes, based on CNBC’s estimates.
Amazon (AMZN) had experienced a 13.4% increase this year up to Monday (February 12), which was the last day Bezos sold shares. The stock registered a 2.2% decline on Tuesday.
According to the Bloomberg Billionaires Index, Bezos holds the title of the world’s second-richest person, boasting a net worth of $193 billion, second only to Elon Musk.
