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16 February 2024

HomeLatest NewsBezos to sell up to 50 million Amazon shares by Jan 31 next year

Bezos to sell up to 50 million Amazon shares by Jan 31 next year

Bezos to sell up to 50 million Amazon shares by Jan 31 next year

Bezos to sell up to 50 million Amazon shares by Jan 31 next year

(Reuters) Amazon.com founder Jeff Bezos will sell up to 50 million shares in the online retail and cloud services firm over the next one year, according to a company filing.

The securities are worth $8.6 billion at the current price of $171.8 share.

The sale plan, which is subject to certain conditions, was adopted on Nov. 8 last year and will be completed by Jan. 31, 2025, according to the company’s latest annual report.

Amazon shares ended nearly 8% higher on Friday after the e-commerce heavyweight reported higher-than-expected sales for the holiday quarter and its lucrative cloud business signaled early gains from AI-powered features.

They had surged more than 80% last year amid a broader rally in tech stocks and outperformed the benchmark S&P 500 index.

Bezos founded Amazon as a bookseller in 1994. He stepped down as its chief executive and took over as executive chairman in 2021.

He is currently the world’s third richest person with a net worth of $185 billion, according to the Bloomberg Billionaires Index.

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