Amazon founder Jeff Bezos has sold roughly $2 billion worth of the e-commerce giant following the stock rally that started late last year. Bezos made headlines as he offloaded close to 12 million shares of Amazon soon after he unveiled his strategy to gradually divest his shares over the coming year.
In a disclosure to federal regulators, Jeff Bezos formally communicated the sale of 11,997,698 shares of Amazon common stock, valued at over $2 billion. The transactions occurred on Wednesday and Thursday of the previous week, as indicated by regulatory filings, Reuters reported.
Notably, the divestment by Bezos is part of a pre-established trading plan, with details outlined in regulatory filings. These documents also revealed that Mackenzie Bezos, Jeff Bezos’ ex-wife, has ascended to the position of Amazon’s second-largest individual shareholder. Her stake, resulting from the couple’s divorce settlement and joint holdings, currently holds a valuation exceeding $37 billion.
Last week, Amazon disclosed Bezos’ intention to sell up to 50 million shares in the company. The predetermined sale plan, subject to specific conditions, was initiated on November 8, 2023, and is slated to conclude by January 31, 2025, as outlined in the company’s most recent annual report.
In recent months, the tech sector has experienced a surge in stock performance, largely due to the anticipation of multiple rate cuts throughout the remainder of 2024. These cuts are expected to enhance the appeal of future earnings projections made by tech companies, rendering them more lucrative for investors in the present moment.
Jeff Bezos, who transitioned from the role of Amazon’s CEO to its Executive Chairman in 2021, founded the company in 1994 initially as a bookseller. With a net worth of $200 billion, Bezos currently stands as the world’s second-richest individual, while Mackenzie Bezos holds the 23rd position, according to data from Forbes and the Bloomberg Billionaires Index.
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- Source: https://techstartups.com/2024/02/12/jeff-bezos-sells-about-2-billion-of-amazon-shares-as-tech-stocks-rally/
