(The Center Square) – Amazon founder Jeff Bezos plans to sell 50 million shares of Amazon stock, which would have cost him hundreds of millions of dollars had he not moved out of Washington state
According to a regulatory filing , Bezos adopted a trading plan last November to sell up to 50 million shares of Amazon stock over a period ending on Jan. 31, 2025.
Bezos adopted the trading plan on Nov. 2, six days after announcing his move from Seattle to Miami, Fla.
While Bezos said he moved in order to be close to his family in Florida, the Amazon founder is also avoiding a tax on the sales of stocks and bonds.
Unlike Washington, Florida does not have a capital gains tax. In January 2022, Washington enacted the 7% tax on the sale of financial assets despite a legal challenge. Earlier in 2023, the state Supreme Court upheld the constitutionality of the capital gains tax.
During his residency in the Evergreen State, Bezos was subjected to owing the state $70 million for every $1 billion of Amazon stock he sells.