MIAMI, Florida – Amazon’s Jeff Bezos, the billionaire founder, has recently announced plans to sell a large number of Amazon shares within the next year, according to a filing with the Securities and Exchange Commission (SEC).
The SEC filing stated that Bezos, who currently serves as Amazon’s executive chair, has a trading plan for selling a maximum of 50 million shares. These sales are expected to occur “over a period” ending on January 25 of next year, “subject to certain conditions.”
In addition to Bezos, seven other high-ranking Amazon insiders also adopted trading plans in November to offload Amazon stock, as revealed in the SEC filing. However, Bezos’ plan involves the largest number of shares.
Bezos’ stakes in Amazon comprise over 988 million shares, making up a significant portion of his $193.3 billion personal fortune, according to Forbes.
The company’s stock price has seen a steady increase, with its latest surge attributed to news of generating $169.96 billion in revenue and $10.6 billion in net income in the fourth quarter. As of Friday afternoon, Amazon’s market capitalization was valued at $1.77.
Bezos has served as Amazon’s executive chair since July 2021, following his 27-year tenure as the e-commerce giant’s CEO until his successor took over. With his recent milestone of turning 60, Bezos celebrated the occasion with his fiancee, Lauren Sanchez, and others last month.
Overall, Bezos’ planned sale of Amazon shares reflects a significant financial move by one of the world’s wealthiest individuals, potentially impacting the company’s stock performance and financial standing in the near future.