Jeff Bezos, the founder of Amazon.com Inc., has made the strategic decision to sell up to 50 million shares of Amazon stock, a move that comes amid his transition from Seattle to Miami. The decision, detailed in a regulatory filing, outlines a trading plan set to conclude by Jan. 31, 2025. Bezos’s relocation is not only a financial maneuver but also a personal decision, influenced by family ties and business operations.
In an Instagram post, Bezos shared the emotional weight behind his move, emphasizing the significance of family and professional considerations.
“My parents have always been my biggest supporters. They recently moved back to Miami, the place we lived when I was younger (Miami Palmetto High Class of ’82 — GO Panthers!),” Bezos said. “I want to be close to my parents, and Lauren [Sanchez] and I love Miami.”
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The relocation comes after his engagement to Sanchez last year, following his divorce from MacKenzie Scott in 2019.
Bezos also highlighted the strategic importance of Florida for his aerospace venture, Blue Origin.
“Also, Blue Origin’s operations are increasingly shifting to Cape Canaveral,” he said. “For all that, I’m planning to return to Miami, leaving the Pacific Northwest.”
Blue Origin has been expanding its footprint in Cape Canaveral since 2015, marking a significant pivot in its operations toward the Atlantic coast.
Reflecting on his time in Seattle, Bezos expressed a sentimental attachment to the city where Amazon was born.
“I’ve lived in Seattle longer than I’ve lived anywhere else and have so many amazing memories here,” he said. Despite the excitement of a new chapter in Miami, he acknowledged the emotional complexity of the move, saying, “As exciting as the move is, it’s an emotional decision for me. Seattle, you will always have a piece of my heart.”
The financial implications of Bezos’s relocation are profound, given Washington’s recent implementation of a 7% capital gains tax, from which Bezos will now be exempt in Florida. Amazon’s stock, valued at approximately $169 per share, means Bezos’s holdings could be worth around $8.5 billion. This move could result in a significant loss of potential capital gains tax revenue for Washington, estimated at approximately $595 million from Bezos alone.
The revenue from Washington’s capital gains tax is intended to support educational programs, highlighting the interconnectedness of individual financial decisions, state policies and public services.
While Bezos has invested $147 million in Florida real estate over the last year, this move will enable him to save over half a billion dollars in taxes. Regardless of whether his decision is driven by a fondness for Florida, a wish to be closer to his parents or strategic business considerations, the financial benefit of the tax savings is significant.
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This article ‘I Love Miami’ – Jeff Bezos Plans To Unload A Massive Amount Of Amazon Shares, But Moving To Florida Will Save Him $600 Million In Taxes originally appeared on Benzinga.com