As per a business filing on Friday, Jeff Bezos, the founder of Amazon, is set to divest up to 50 million shares of the online retail and cloud services giant within the next year.
At the current price per share of $171.8, the securities have a value of $8.6 billion.
As to the most recent annual report of the company, the sales plan was adopted on November 8, last year, subject to certain criteria. It is expected to be completed by January 31, 2025.
Laptops 1000After the industry leader in e-commerce revealed better-than-expected sales for the holiday quarter and signaled early gains from AI-powered features, Amazon’s shares closed Friday’s trading session over 8% higher.
They surpassed the benchmark S&P 500 index and had increased by more than 80% in the previous year during a larger rally in tech stocks.
In 1994, Bezos started Amazon as a bookshop. In 2021, he relinquished his position as its CEO and became its executive chairman.
With a $185 billion net worth, he is now the third richest person in the world, by the Bloomberg Billionaires Index.
