Amazon Founder Jeff Bezos Sells 5 Trillion Won Over 4 Trading Days "385.3 Billion Won Tax Saving Purpose"
Amazon founder Jeff Bezos has reportedly sold $4 billion (approximately 5.3524 trillion KRW) worth of Amazon shares over the past four trading days. This marks his first stock sale in about three years.
According to Bloomberg on the 13th (local time), Bezos sold 12 million Amazon shares for about $2 billion (approximately 2.6762 trillion KRW) between the 9th and 12th.
Earlier, on the 7th and 8th, Bezos also sold about 12 million shares for $2 billion. Over four trading days, he sold $4 billion worth of shares. This year, Amazon's stock price rose 13% based on the closing price on Monday, the last day Bezos sold shares.
This is the first time Bezos has sold Amazon shares since May 2021. He recently disclosed plans to sell up to 50 million Amazon shares by January 31, 2025.
Bloomberg analyzed Bezos's sudden large-scale sale of Amazon shares as a tax-saving strategy. In November last year, Bezos moved his residence from Seattle, where Amazon's headquarters is located, to Miami, where his space company Blue Origin is based. Washington State, where Seattle is located, enacted a capital gains tax in 2022. It imposes a 7% tax on gains from the sale of stocks or bonds exceeding $250,000 (approximately 334.4 million KRW). Florida, where Miami is located and where he currently resides, does not have such a law.
If Bezos had sold $4 billion worth of Amazon shares while residing in Seattle, he would have had to pay about $288 million (approximately 385.3 billion KRW) in taxes. It is presumed that the reason Bezos stopped selling shares after May 2021 was due to the capital gains tax.
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Moving to avoid taxes is not unique to Bezos. Billionaire investor Ken Fisher, chairman of Fisher Investments, announced in March last year that he would move his company from Washington to Texas, criticizing the capital gains tax.
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