Bezos to sell over $4bn of Amazon shares
Post the sale plan, Bezos would own about 912 million Amazon shares, or 8.8% of the outstanding stock
Amazon founder Jeff Bezos is planning to sell more than $4bn (ยฃ3.2bn) of his shares in the company, as the stock hit a new record of $200.43 (ยฃ157.13) on Tuesday (2 July 2024).
The news also comes after it was revealed that Bezos would sell another 25 million shares, raising the total amount he has offloaded this year to almost ยฃ10.5bn worth of shares.
Post the sale plan, Bezos would own about 912 million Amazon shares, or 8.8% of the outstanding stock.
Bezos stepped down from his role as CEO of the company in 2021, and instead transitioned to the role of executive chair.
He was succeeded by Amazon Web Services CEO Andy Jassy, who has been with the company since 1997.
According to the groupโs first quarter results, Amazonโs net sales rose 13% to $143.3bn (ยฃ114.7bn), up from $127.4bn (ยฃ102bn), for the three months ended 31 March.
The online retailerโs operating income also increased to $15.3bn (ยฃ12.3bn) in the first quarter, compared with $4.8bn (ยฃ3.8bn) in the first quarter of 2023.