21.7 C

Jeff Bezos’ move to Miami has now likely saved the Amazon founder $430 million in taxes



Jeff Bezos has unloaded another 12 million shares of Amazon.com Inc. valued at $2 billion, bringing the total sold in the past week to more than $6 billion.

He sold the latest tranche on Tuesday and Wednesday, according to a filing. The sales are part of an already disclosed plan to dispose of as many as 50 million shares of the company he founded.

In total, he’s now sold about 36 million shares. Bezos hasn’t explained why he’s selling, but the timing of when he instituted the trading plan may provide a clue. He announced on Nov. 2 he was moving to Miami from the Seattle region and adopted a so-called 10(b)5-1 plan on Nov. 8.

Read more: Forget snowbirds: Jeff Bezos is leading the migration of ultrawealthy taxbirds flocking to Florida’s lower tax rates

The move to Florida has now likely saved Bezos about $430 million in taxes. Washington state recently implemented a 7% levy on capital gains, while Florida has no such tax.

Spokespeople for Bezos and Amazon didn’t immediately respond to a request for comment.

Subscribe to the CEO Daily newsletter to get the CEO perspective on the biggest headlines in business. Sign up for free.

Source link

Subscribe to our magazine

━ more like this

You can now tap your retirement account for a $1,000 emergency. But be careful

Between the soaring cost of living and sky-high interest rates, average Americans are strapped for cash, making it difficult to save for emergencies—or...

Mortgage prequalification vs. preapproval: Which is best?

Getting prequalified or preapproved for a mortgage can be two important steps when you want to buy a home. You’ll find out approximately...

Andrew Tate’s cryptocurrency is a reminder of the industry’s lingering ‘bro’ problem

The bad news for Andrew Tate? He is facing human sex trafficking and rape charges. The good news? He’s allowed to leave Romania...

The best Prime Day gaming deals

If you’ve worked hard this year, you deserve to play even harder, and you can do that on a modest budget with some...

Disney and Mecenas Renew Agreement for Multicultural Content

Today, minority-owned publishing and media brand Mecenas and Disney Advertising announced the renewal of its strategic content and distribution agreement made last year....