Amazon founder, former CEO, and current executive chair Jeff Bezos revealed Thursday that he is leaving Seattle after nearly 30 years and returning to Miami. Bezos described the reasons behind his decision in a heartfelt Instagram post. He also shared an old video of himself providing a tour of the company’s initial workplace in Seattle, his rental home’s garage.
The billionaire businessman said he is moving to Miami to be closer to his parents, who recently moved back to his hometown. ”My parents have always been my biggest supporters. They recently moved back to Miami, the place we lived when I was younger (Miami Palmetto High Class of ’82 — GO Panthers!) I want to be close to my parents, and Lauren and I love Miami,” he wrote.
The Amazon CEO also stated that Blue Origin, his space exploration business, is increasingly relocating to Cape Canaveral, Florida. Blue Origin develops rockets, rocket engines, and space capsules.
”I’ve lived in Seattle longer than I’ve lived anywhere else, and I have so many amazing memories here. As exciting as the move is, it’s an emotional decision for me. Seattle, you will always have a piece of my heart,” he added.
Jeff Bezos considering Florida to avoid Washington State taxes
According to the Seattle Times, his decision could be influenced by the state’s proposed new capital gains tax and wealth tax. According to CNBC Wealth Reporter Robert Frank, Bezos would owe $70 million in state taxes for every $1 billion of Amazon stock he sells under the new tax. Meanwhile, Florida is one of nine states without state income or capital gains taxes. Moving there might, therefore, save him a lot of money on taxes.
Billionaire hedge fund manager Ken Griffin relocated his offices from Chicago to Miami last year.
Jeff Bezos is the third-richest person in the world, according to Bloomberg’s Billionaires Index, with a net worth of $161 billion. In 2021, he stepped down as CEO of Amazon, giving over the reins to a top deputy, Andy Jassy.
He also paid $79 million for a seven-bedroom, 14-bathroom mansion in South Florida last month, just months after paying $68 million for a waterfront estate in the area. Locals refer to the gated community near Miami Beach as ”Billionaire Bunker” because of its rich residents.
