Bezos Sells $4B in Amazon Stock

Market Overview
Read time 1.6 minutes

Year To Date Performances:

1. Jeff Bezos has initiated the sale of 24 million Amazon shares, valued at over $4 billion, marking his first stock divestiture since 2021. This significant move follows his announcement to sell up to 50 million shares and coincides with his relocation from Seattle to Miami. Bezos's decision to move to Florida, a state with no capital gains tax, contrasts with Washington's introduction of a 7% capital gains tax in 2022. This strategic relocation could potentially save Bezos approximately $288 million in taxes, highlighting the financial implications of state tax policies on individual decisions. The new tax law in Washington has faced considerable opposition, raising discussions about its potential repeal.

2. In January, inflation rates in the U.S. exceeded expectations, primarily driven by rising housing costs. The Consumer Price Index (CPI) increased by 0.3% for the month and 3.1% over the year, surpassing the forecasted 0.2% monthly and 2.9% annual growth. Core CPI, excluding food and energy, rose by 0.4% monthly and 3.9% annually, also above predictions. Housing costs played a significant role, with a 0.6% monthly jump contributing to a 6% annual increase in shelter prices. Although food prices increased by 0.4%, a decline in energy costs, highlighted by a 3.3% drop in gasoline prices, helped offset some inflationary pressures. This inflation data emerges as the Federal Reserve contemplates its monetary policy for 2024, taking into account these economic developments.

3. Visa and Mastercard agree to historic $5 Billion Settlement! In a groundbreaking move for the payment history, Visa and Mastercard have come to a historic $5 billion settlement, marking a pivotal moment for small business owners. If you are a small business owner, claim your share today!*

4. Headlines

   1. The Bank of Canada is ending its quantitative tightening program ahead of an expected rate drop this summer.

   2. Uber will be buying back $7B in shares.

   _{* This is sponsored content.}

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