Amazon founder Jeff Bezos is continuing his divestment from the e-commerce giant, recent regulatory filings indicating the sale of more than $4 billion in stock over the past week. This follows earlier reporting of Bezos' 50-million share sell-off plan to be completed by 2025, through Morgan Stanley as his brokerage firm.
His substantial recent sales align with a significant personal transition: Bezos will be setting up his primary residence in Florida. The Sunshine State's zero income and capital gains taxes offer sizable potential savings when compared to Washington state's 7% capital gains tax, which took effect in 2022.
While Bezos maintains the position of Amazon's executive chairman after departing as CEO in 2021, he remains the company's top individual shareholder, owning roughly 10% of outstanding shares. His recent activity signals a significant pivot for the billionaire; these are some of the first sales since leaving the CEO role.
Billionaire Ranking Reshuffle
Despite these divestitures, Bezos remains in the upper echelon of the world's wealthiest individuals. According to Forbes' real-time billionaire tracker, he holds the third position globally with a net worth of $190 billion. This trails Elon Musk ($196 billion) and leader Bernard Arnault and family ($215 billion).
Notably, Amazon's recent stock growth further highlights the tax-timing windfall associated with Bezos' move. Amazon shares have surged more than 50% since February 2023, nearing all-time highs and boosting the company's market capitalization to around $1.75 trillion.
Pursuing Passions, Shifting Philanthropic Focus
Bezos previously highlighted a desire for increased involvement in outside ventures, such as his Blue Origin space company and various philanthropic causes. In a 2022 CNN interview, Bezos underscored his intent to dedicate the majority of his $124 billion fortune to combating climate change and supporting efforts around social unity.
His relocation to Miami aligns with these stated endeavors. In a previous Instagram post, he expressed, "Lauren and I love Miami," referencing his fiancée, Lauren Sánchez. Additionally, his Blue Origin space enterprise has launch facilities close to Florida's coast, suggesting proximity was a motivating factor.
