(Bloomberg) — Jeff Bezos didn’t wait lengthy to start out cashing in on Amazon.com Inc.’s rally to start out the 12 months.
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Lower than two weeks after disclosing a plan to get rid of as many as 50 million shares of the corporate he based, Bezos has offloaded 24 million shares, value greater than $4 billion. The gross sales, revealed in regulatory filings, befell over simply 4 buying and selling days. The world’s second-richest individual beforehand hadn’t offered inventory since 2021.
Bezos hasn’t defined why he’s promoting now, however the timing of when he instituted the buying and selling plan could present a clue. He introduced on Nov. 2 he was transferring to Miami from the Seattle area. He adopted a so-called 10(b)5-1 plan on Nov. 8.
Washington state instituted a 7% capital beneficial properties tax in 2022 — one thing Florida doesn’t have — that means Bezos’s relocation is probably going saving him $288 million thus far. As a result of Bezos has solely ever purchased a single share of Amazon, it’s protected to imagine he’s owned the inventory for the reason that firm was based and due to this fact nearly all of their worth could be thought of capital beneficial properties.
Amazon shares had been up 13% this 12 months by way of Monday’s shut, the final day on which Bezos offered shares, in line with a submitting. They slipped 2.2% to $168.64 on Tuesday.
Spokespeople for Amazon and Bezos declined to remark.
A tax invoice of $288 million could be a major windfall for Washington, which raised $855 million from the capital beneficial properties tax final 12 months, greater than half of which got here from simply 10 folks, in line with state officers.
The tax has acquired some pushback within the state. Billionaire Ken Fisher in March mentioned he would transfer his agency from Washington to Texas, criticizing the tax and the court docket resolution that upheld it. A poll initiative might make its technique to voters in November in search of to repeal the levy.
–With help from Spencer Soper.
(Provides that Bezos spokesperson declined to remark in sixth paragraph)
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