Jeff Bezos plans to offload 50 mn Amazon shares valued at $8.6 bn by January 2025
Jeff Bezos (file photo).
Amazon's founder, Jeff Bezos, has revealed plans to sell up to 50 million shares of the e-commerce and cloud services giant by January 31, 2025, as per a company filing on Friday.
The value of these securities stands at a staggering $8.6 billion at the current share price of $171.8.
This strategic move, adopted on November 8 last year, is contingent upon specific conditions outlined in the company's latest annual report.
Bezos, who stepped down as Amazon's CEO in 2021, is currently the world's third-richest person with a net worth of $185 billion.
The sale announcement comes on the heels of Amazon's impressive performance in the holiday quarter, leading to an almost 8 per cent surge in Amazon shares.
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The e-commerce giant reported sales that exceeded expectations, and its cloud business showcased early gains from AI-powered features.
In 2024, Amazon shares experienced an extraordinary surge of over 80 per cent, outpacing the benchmark S&P 500 index.
While the sale plan is set to unfold over the next year, it is important to note that Bezos founded Amazon in 1994 as a humble bookseller.
Over the years, he has played a pivotal role in transforming the company into an e-commerce and technology behemoth.
Bezos's decision to step down as CEO in 2021 marked a significant transition, with him assuming the role of executive chairman.
This move allowed for a shift in leadership while ensuring Bezos's continued involvement in shaping Amazon's strategic direction.
As Bezos charts a course to sell a substantial portion of his Amazon shares, he remains a central figure in the global business landscape.
Currently ranked as the world's third-richest person, Bezos's net worth stands at an impressive $185 billion, according to the Bloomberg Billionaires Index.
The sale of shares, valued at $8.6 billion, signifies a strategic financial move by Bezos and adds a new dimension to his evolving role within the Amazon ecosystem.
(With inputs from Reuters)