The founder of Amazon, Jeff Bezos, is set to sell up to 50 million shares of the online retail and cloud services giant over the next year, as per a company filing on Friday.
The shares, currently valued at $171.8 each, total $8.6 billion. The sale plan, initiated on November 8 last year, is contingent on specific conditions and is scheduled for completion by January 31, 2025, according to Amazon’s latest annual report.
Following a robust holiday quarter report and positive early indications from its cloud business, Amazon shares surged nearly 8% on Friday. The e-commerce giant’s shares had a remarkable year in 2023, surging over 80% and outperforming the benchmark S&P 500 index in the tech stock rally.
Jeff Bezos, who founded Amazon as a bookseller in 1994, stepped down as its chief executive in 2021, assuming the role of executive chairman. As of now, he holds the position of the world’s third-richest person, boasting a net worth of $185 billion, according to the Bloomberg Billionaires Index.