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Friday July 19, 2024

Here is why Jeff Bezos has sold $2b Amazon shares

Sales occurred on Wednesday and Thursday, according to the filings

By Web Desk
February 11, 2024
Amazon founder Jeff Bezos in this undated photo.—AFP/file
Amazon founder Jeff Bezos in this undated photo.—AFP/file 

Amazon founder Jeff Bezos has reportedly sold approximately 12 million shares of the e-commerce and cloud services giant, totalling around $2billion, as disclosed in a company filing on Friday.

The move comes shortly after Bezos outlined a plan to divest his shares over the next year. The sales occurred on Wednesday and Thursday, according to the filings.

Last week, Amazon announced Bezos's intention to sell shares worth up to $50 million, a strategy outlined in a plan adopted on November 8, 2023.

The sell-off, subject to specific conditions, is slated for completion by January 31, 2025, according to Amazon's latest annual report.

Bezos, who transitioned from CEO to executive chairman in 2021, originally founded Amazon as a bookseller in 1994 and currently holds the title of the world's second-richest person, with a net worth of $200 billion, according to the Bloomberg Billionaires Index.