SEATTLE (dpa-AFX) - Jeff Bezos, the former CEO of Amazon.com, Inc. (AMZN), made a significant move by selling nearly 12 million shares of his company's stock, worth over $2 billion.
The billionaire informed the U.S. Securities and Exchange Commission (SEC) of the sale of 11,997,698 shares of common stock on February 7 and February 8. In a separate SEC filing, Bezos also listed his intention to sell up to 50 million shares of Amazon, which would have a market value of $8.4 billion. The sale plan was initiated on November 8, 2023, and is expected to be completed by January 31, 2025.
Bezos has sold over $30 billion in shares since 2002, including approximately $20 billion combined in 2020 and 2021. However, in 2022, when Washington state imposed a new 7% capital gains tax on sales of stocks or bonds exceeding $250,000, Bezos stopped selling. Instead, he mainly chose to gift stock, such as shares worth around $230 million that he donated to non-profit organizations in November.
Following his relocation to Miami, Florida, which lacks a state income tax or a tax on capital gains, Bezos saved $140 million on the recent $2 billion sale that would have been payable to Washington state. He stands to save at least $610 million on the entire sale of 50 million shares over the next year.
While the exact reason behind Bezos' decision to sell shares is unknown, this substantial sale marks a significant turning point in the global wealth rankings and has narrowed the wealth gap between him and Elon Musk. It positions Bezos to potentially surpass the Tesla CEO in the future.
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
