The world's second-richest man is cashing in some of his chips in the business he founded, netting $4 billion in the process.
According to regulatory filings, Amazon.com Inc (NASDAQ:AMZN, ETR:AMZ) founder Jeff Bezos sold 24 million shares after a hiatus dating back to 2021.
Local media is speculating the sale may be for tax purposes with the billionaire moving from Seattle to Miami.
According to Bloomberg, Bezos adopted what's called a 10(b)5-1 plan last November. This came after Washington state instituted a 7% capital gains tax in 2022 (something Florida doesn’t have) meaning the entrepreneur's 'snowbird' move south is possibly saving him $288 million.