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Amazon (NASDAQ:AMZN) co-founder and executive chair Jeff Bezos has made headlines yet again after revealing the sale of another staggering $2 billion tranche of stock. This move comes hot on the heels of his relocation from the rainy climes of Seattle to the vibrant shores of Miami.
During a two-day span from February 13 to February 14, Bezos parted with approximately 12 million shares, amounting to a colossal $2.03 billion sale, according to documents filed with the Securities and Exchange Commission.
This sale follows an earlier divestment when Bezos unloaded nearly 24 million shares, fetching more than $4 billion at the start of the month.
The tech mogul initiated a trading plan on November 8, 2023, under the SEC’s rule 10b5-1(c). This plan allows for the systematic sale of up to 50 million shares over a period leading up to January 31, 2025, contingent upon certain conditions. The setup occurred shortly after Bezos announced his decision to up sticks from Seattle to Miami, citing a desire to be closer to his parents and his spaceflight exploration company, Blue Origin.
While Bezos has provided personal reasons for his move, some speculate that the change of scenery holds financial motives. Washington state imposed a 7% capital gains tax in 2022 on profits over $250,000 for residents, prompting a potential tax-driven relocation. Conversely, Florida offers a stark contrast with no state levies on capital gains.
Before embarking on this trading plan, Bezos refrained from shedding any Amazon shares since 2021, though a solitary share was purchased on May 25, 2023.
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