Jeff Bezos sold 4 billion Amazon shares. He saved a fortune in taxes by living in Miami

Jeff Bezos is the third richest person in the world, but that doesn't mean he has to go to an ATM to get cash from time to time. In this case, on the scale of $191.5 billion, its checking account is Amazon and its ATM is the stock market.

So and How to publish Financial TimesJeff Bezos took advantage of the rebound in Amazon's stock price to put several packages of his Amazon shares up for sale. This is the first time since 2021 that Jeff Bezos has carried out such an aggressive stock sale since 2021, before ceding control of Amazon to its current CEO, Andy Jassy.

Bezos is riding Amazon's rising wave. a Document of the Securities Market Regulatory Authority It records the various sales made by the billionaire founder of Amazon. Two weeks ago, it offered 12 million shares for sale, with a total value of $2 billion. The process was repeated with a similar package of shares, and in return it received more than $2,000 million in cash.

The authorities were aware of this. While it is relatively common for large shareholders to sell these shares to make their investments effective, putting 24 million shares on the market could raise investor concerns. To avoid this, the e-commerce mogul alerted SEC authorities by warning that he intended to sell up to 50 million Amazon shares, worth about $8,475 million. Which indicates that Jeff Bezos is not finished with his work yet.

Amazon sells to overtake Elon Musk. After the recent operations, the Amazon founder is still the majority shareholder with 9.3% of the company, meaning the stock market has a market cap of 964 million shares. What could Jeff Bezos need? In addition to the fact that they have a wedding on the horizon, the need to raise money may stem from the need to expand their other big project: Blue Origin.

according to Financial Times, Blue Origin expects a big push in 2024, expanding its cooperation to Europe to expand its launch bases and investing in the development of communications systems such as Project Kuiper. Amazon stock will help drive much of the investment Blue Origin needs to catch up with SpaceX and Starlink.

Changing the place of residence is very profitable. At the end of the year, in anticipation of the fiscal year's close, Jeff Bezos announced that, after living most of his life in Seattle, he would move his residence to the warm beaches of Miami, where he had previously purchased two adjacent mansions on the exclusive island known as Billionaire Bunker. This move did not go unnoticed, especially considering the low capital taxes applied in Miami.

The most recent Amazon stock sale highlighted this advantage. The change of residence saved Jeff Bezos about $288 million in taxes on the four thousand million that he will receive from the sale of his shares, as there is no capital gains tax in Miami, while in Seattle a rate of 7% is applied.

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Image | Flickr (Los Angeles Air Force Base and Space and Missile System Center)