Updated posts 2026
Jeff Bezos, the billionaire founder of Amazon.com Inc., has swiftly capitalized on the company’s recent surge in stock value by selling off more of his shares. This move comes shortly after his announcement of relocating from Seattle to tax-friendly Miami.
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In a series of regulatory filings, it was disclosed that Bezos disposed of 24 million Amazon shares, amounting to over $4 billion, within just four trading days. This sale follows his earlier revelation of plans to sell up to 50 million shares.
While Bezos has not explicitly stated the reasons behind these transactions, the timing aligns with significant personal decisions. His announcement of moving to Miami from the Seattle area came on November 2, closely followed by the adoption of a 10b5-1 trading plan on November 8.
One key factor influencing Bezos’s relocation could be the disparity in tax regulations between Washington state and Florida. Washington implemented a 7% capital gains tax in 2022, a levy absent in Florida. This move potentially translates to substantial tax savings for Bezos, estimated at $288 million thus far. Given Bezos’s long-term ownership of Amazon shares since its inception, the majority of their value is classified as capital gains.
The sequence here illustrates a problem states face when they tax capital gains at the top end. Washington’s levy was designed to draw revenue from a small number of very large transactions, which is efficient when those transactions occur but leaves the receipts concentrated in a handful of taxpayers who can change residence. Moving a primary residence is a straightforward step for someone who already owns property in several states, and the savings on a single year’s share sales can exceed a lifetime of ordinary tax. The same dynamic has shaped debates in California, New Jersey and New York, where the revenue at stake and the mobility of those paying it both sit at the extreme.
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Amazon’s shares have seen a remarkable uptick of 13% since the beginning of the year, as reported in the latest filings. However, they experienced a slight dip of 2.2% to $168.64 on Tuesday, the day Bezos concluded his latest sales.
Representatives for both Amazon and Bezos declined to offer comments on these developments.
The potential tax revenue loss of $288 million adds to the ongoing debate surrounding Washington state’s capital gains tax. Last year, the state garnered $855 million from this tax, with a significant portion contributed by a small number of high-income individuals. Criticism against the tax has emerged, with figures including billionaire Ken Fisher expressing disapproval and relocating to tax-friendlier states. A ballot initiative in November may seek to overturn the levy altogether.
Stay tuned to ImpactWealth.org for further updates on this evolving story and its implications on wealth management and tax policies.
