Jeff Bezos has made the decision to move from Seattle to Miami, where he will be able to save over $600 million in taxes on the sale of 50 million shares in Amazon by 2025. Florida does not have a capital gains tax, unlike Seattle which implements a 7% tax. Bezos has stated that the move was an emotional decision, but also revealed that he wanted to be closer to his parents and Blue Origin’s base of operations at Cape Canaveral. He and his fiancée Lauren Sanchez have already purchased at least two properties in Miami’s Indian Creek district, also known as “Billionaire Bunker.”
Last week, Bezos sold off 12 million shares of Amazon stock, steadily closing the wealth gap between himself and Elon Musk. Amazon did not respond to Business Insider’s request for comment outside normal working hours.