Amazon founder and executive chairman Jeff Bezos has sold over $4 billion worth of his shares in the e-commerce giant over the past week, according to new regulatory filings. The sale of approximately 24 million Amazon shares between Friday, February 10th and Wednesday, February 15th marks the first time Bezos has significantly cashed out his stake in the company he founded since offloading shares worth around $6.7 billion in August 2021.
Experts note that the timing of this large stock sell-off coincides with Bezos’ recent move from Washington State to Florida. While Bezos has not publicly commented on the impetus behind the share sales, the relocation likely provides major tax incentives and savings for the billionaire. Had Bezos sold a similar quantity of Amazon stock prior to his move while still residing in Washington, he would have owed over $288 million in capital gains taxes thanks to a 7% capital gains tax levied in the state since 2021. Florida, notably, does not charge any personal income tax or capital gains tax at the state level.
While the last week has seen Bezos part with more Amazon shares than he has sold in over two and a half years, the serial entrepreneur still retains a towering stake in the company he started out of his Seattle garage in 1994. Regulatory filings reveal Bezos remains in possession of approximately 103 million Amazon shares, equating to around 15% ownership of the company’s total available stock. The multi-day sell-off over the past week has barely put a dent in his controlling interest.
Even with this week’s sales, on top of over $27 billion in stock sales last year, Jeff Bezos remains the second richest human on Earth, with his remaining Amazon shares alone valued at over $100 billion as of market close on Wednesday.
