Jeff Bezos Sells Over $4bn Worth of Amazon Shares

In a recent development, Jeff Bezos, the founder and former CEO of Amazon, has sold a significant amount of his shares in the tech giant company. According to reports, Bezos has sold 24 million shares in Amazon this month, bringing the total value of sales to over $4bn. This sale follows Bezos’ announcement in November 2023 that he was planning to sell 50 million shares over the next year.

The first sale of 12 million shares was announced in a regulatory filing on January 13, 2024, followed by another sale of another 12 million shares on January 16, 2024. Bezos, who is currently Amazon’s executive chair, last sold Amazon shares in 2021.

Bezos’ decision to sell his shares in Amazon comes after he moved to Miami, Florida, from Seattle, Washington, last year. The move prompted speculation over whether it was due to a potential tax bill he would have faced in Washington after the state approved a new tax on large stock sales. Gains above $250,000 from the sale of stocks or other long-term investments are taxed at 7% in Washington state. Last year, the state brought in an extra $900m to state coffers from this tax.

If Bezos had still lived in Seattle, he would have owed around $280m on the $4bn worth of stock he has sold. However, Bezos stated in November 2023 that he wanted to be close to his parents, who had recently moved back to Miami, and to his Blue Origin space project, which was “increasingly shifting to Cape Canaveral.” He also mentioned that his fiancée, Lauren Sánchez, and he loved Miami.

Despite selling a large portion of his shares in Amazon, Bezos remains the company’s biggest shareholder and is one of the richest people in the world, with an estimated fortune of over $190bn.

Amazon, the e-commerce giant, has been in the news recently for other reasons. In November 2023, Amazon staff went on strike on Valentine’s Day to protest against working conditions and wages. The company has also faced criticism over its treatment of workers and its impact on small businesses.

In other news, Lloyd Austin, the US Defense Secretary, was released from the hospital after being admitted due to an “emergent bladder issue.” The US House Speaker suggested he might block a $95bn foreign aid bill in the US House. President Joe Biden called Trump’s Nato comments “shameful” after Trump encouraged Russia to attack Nato allies who do not pay their bills.

The US Capitol was the site of an uphill battle for the $95bn foreign aid bill in the US House, with Ukraine’s leader praising the package. Security cameras captured the moment a California home was struck by a series of earthquakes, the strongest at a magnitude of 4.8.

Democrat Tom Suozzi and Republican Mazi Pilip are running to replace George Santos in a swing district after Santos’ antics. The focus of the election is on key issues, with voters paying less attention to Santos’ behavior.

In conclusion, Jeff Bezos’ decision to sell over $4bn worth of Amazon shares has been a significant development in the tech industry. The move comes after he moved to Miami and prompted speculation over potential tax implications. Despite selling a large portion of his shares, Bezos remains Amazon’s biggest shareholder and one of the richest people in the world. The tech giant has faced criticism recently over working conditions and wages, and the US Capitol has been the site of political battles over foreign aid and the behavior of elected officials.