Jeff Bezos, the world's second-richest person, did not wait long to start cashing in on Amazon’s rally to start the year.
Less than two weeks after disclosing a plan to dispose of as many as 50 million shares of the company he founded, Mr Bezos has offloaded 24 million shares, worth more than $4 billion.
The sales took place over four trading days, according to regulatory findings.
It is the first time Mr Bezos has sold stock in the world's biggest online retailer since 2021.
Mr Bezos has not explained why he is selling Amazon shares now. However, the timing of when he instituted the trading plan may provide a clue.
He announced on November 2 that he was moving to Miami, from the Seattle region. He adopted a so-called 10b5-1 plan on November 8.
Washington state instituted a 7 per cent capital gains tax in 2022 – something Florida does not have – meaning Mr Bezos’s relocation is probably saving him $288 million so far.
Because Mr Bezos has only ever bought a single share of Amazon, it is safe to assume he has owned the stock since the company was founded and, therefore, virtually all of their value would be considered capital gains.
Top 10 richest people in the world in 2023 - in pictures
Amazon shares were up 13 per cent this year through to Monday’s close, the last day on which Mr Bezos sold shares, according to a filing. They slipped 2.2 per cent to $168.64 on Tuesday.
A tax bill of $288 million would be a significant windfall for Washington, which raised $855 million from the capital gains tax last year, more than half of which came from only 10 people, according to state officials.
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The Little Things
Directed by: John Lee Hancock
Starring: Denzel Washington, Rami Malek, Jared Leto
Four stars
Jeff Buckley: From Hallelujah To The Last Goodbye
By Dave Lory with Jim Irvin
UAE currency: the story behind the money in your pockets
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How do Sim card scams work?
Sim swap frauds are a form of identity theft.
They involve criminals conning mobile phone operators into issuing them with replacement Sim cards by claiming to be the victim, often pretending their phone has been lost or stolen in order to secure a new Sim.
They use the victim's personal details - obtained through criminal methods - to convince such companies of their identity.
The criminal can then access any online service that requires security codes to be sent to a user's mobile phone, such as banking services.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
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Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
More from Neighbourhood Watch:
THE SPECS
Engine: six-litre W12 twin-turbo
Transmission: eight-speed dual clutch auto
Power: 626bhp
Torque: 900Nm
Price: Dh940,160 (plus VAT)
On sale: Q1 2020
