Jeff Bezos’ move to Miami probably saved him $430 million in taxes

Jeff Bezos sold another 12 million shares of Inc. worth $2 billion, bringing the total sold last week to more than $6 billion.

According to a document, he sold the last tranche on Tuesday and Wednesday. The sales are part of an already disclosed plan to sell as many as 50 million shares of the company he founded.

In total, he has now sold about 36 million shares. Bezos hasn’t explained why he’s selling, but the timing of his trading plan may provide a clue. He announced on November 2 that he would move to Miami from the Seattle region and adopted the so-called 10(b) 5-1 plan on November 8.

Read more: Forget the snowbirds: Jeff Bezos is leading the migration of ultra-wealthy tax birds flocking to Florida’s lowest tax rates

The move to Florida likely saved Bezos around $430 million in taxes. Washington state recently implemented a 7% capital gains tax, while Florida has no such tax.

Spokespeople for Bezos and Amazon did not immediately respond to a request for comment.

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