Amazon Founder Jeff Bezos to Sell Up to 50 Million Shares in the Company
In a recent filing, it has been revealed that Jeff Bezos, the founder of Amazon.com, plans to sell up to 50 million shares in the online retail and cloud services firm over the next year. At the current price of $171.8 per share, these securities are valued at $8.6 billion. The sale plan, which was adopted on November 8 last year, is subject to certain conditions and is expected to be completed by January 31, 2025, as stated in Amazon’s latest annual report.
The announcement of Bezos’ plan to sell shares comes after Amazon reported higher-than-expected sales for the holiday quarter and positive early gains from its lucrative cloud business’s AI-powered features. As a result, Amazon shares saw an almost 8 percent increase on Friday. In fact, the company’s shares had surged more than 80 percent in the previous year, outperforming the benchmark S&P 500 index and contributing to Bezos’ status as the world’s third richest person with a net worth of $185 billion, according to Bloomberg Billionaires Index.
Jeff Bezos founded Amazon as a bookseller in 1994 and served as its chief executive until 2021 when he transitioned to the role of executive chairman. This move allowed him to focus on other ventures while still maintaining an influential position within the company.
In conclusion, Jeff Bezos’ decision to sell up to 50 million shares in Amazon reflects his confidence in the company’s performance and future prospects. As one of the world’s most successful entrepreneurs, Bezos continues to shape the e-commerce industry and solidify his position among the wealthiest individuals globally.
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