Blue states were stunned at this fact about Amazon founder Jeff Bezos’ move to Florida

Feb 14, 2024

Florida has become the place to be under Governor Ron DeSantis.

The Sunshine State’s many advantages enticed one of the richest men in the world.

And blue states were stunned at this fact about Amazon founder Jeff Bezos’ move to Florida.

Last year, Amazon founder Jeff Bezos announced that he was moving from Seattle, Washington – where Amazon is headquartered – to Miami, Florida.

He said the reason for the move was to be closer to his parents and Cape Canaveral, where his space exploration company, Blue Origin, operates.

“I’ve lived in Seattle longer than I’ve lived anywhere else and have so many amazing memories here,” Bezos said when announcing the move last November. “As exciting as the move is, it’s an emotional decision for me. Seattle, you will always have a place in my heart.”

He bought a $79 million mansion and a $68 million mansion on the high-security private island of Indian Creek, known as “Billionaire Bunker” in the Miami area.

It was suspected that there was a financial reason behind his decision to become a resident of the Sunshine State.

The Democratic-controlled state government of Washington state passed a law in 2022 that many suspected was aimed at him.

Washington state imposed a 7% capital gains tax on the sale of stocks and bonds over $250,000 for residents.

Almost every year since 1998, Bezos has sold billions of dollars worth of Amazon stock to fund his philanthropy efforts and to seed Blue Origin with capital.

More recently, he’s sold shares of Amazon to purchase a $500 million mega yacht and to buy more real estate with his fiancé Lauren Sanchez.

When Washington’s capital gain tax went into effect, he stopped selling off Amazon stock.

Now that he’s a Florida resident he’s going to save a fortune with his planned stock sales.

A mandatory filing with the Securities and Exchange Commission (SEC) revealed that Bezos plans to sell 50 million shares of Amazon before Jan. 31, 2025.

That stock sale would be worth roughly $8.7 million based on the current price of Amazon’s shares.

“Florida has no state income tax or a tax on capital gains. So on the $2 billion sale last week, he saved $140 million that he would have paid to Washington state. On the entire sale of 50 million shares over the next year, he will save at least $610 million. And that’s assuming Amazon shares remain flat. If they continue to rise, the value of his shares — and his tax savings — will be even higher. Put another way, he’s more than paid for his 417-foot yacht, Koru, with just his Florida tax savings,” CNBC reported.

A growing list of the ultra-wealthy have moved to Florida in recent years including Citadel hedge fund manager, Ken Griffin.

Washington state’s attempt to soak Jeff Bezos in taxes ended up being Florida’s gain.

DeSantis Daily will keep you up-to-date on any new developments in this ongoing story.

 

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