Amazon founder Jeff Bezos is gearing up to sell up to 50 million shares of Amazon stock within the next year, according to a regulatory filing reported by CNN on Friday. The current market value of these shares stands at an impressive $8.6 billion.
This strategic move by Bezos has been disclosed in Amazon’s annual report, adhering to Securities and Exchange Commission regulations mandating such announcements. The revelation coincides with Amazon’s recent announcement of a record-breaking quarter for Christmas sales, contributing to an almost 8% surge in the company’s stock on Friday.
Since relinquishing his position as Chief Executive Officer (CEO) of Amazon, Bezos has remained in the spotlight for his unique fashion choices, his relationship with fiancée Lauren Sanchez, and his ambitious space exploration plans with his company, Blue Origin. While currently serving as the chair of the board of Amazon, Bezos has outlined a trading plan in the annual report to sell up to 50 million shares of Amazon stock by January 31, 2025, subject to specific conditions.
The timing of Bezos’s decision to sell aligns strategically, considering the fluctuations in Amazon’s stock in 2022 due to evolving demand patterns post-pandemic and broader economic uncertainties. The current CEO, Andy Jassy, has implemented aggressive cost-cutting measures, including substantial layoffs that have extended into the current year. Bezos’s move reflects a strategic approach to navigate Amazon’s financial landscape and capitalize on the company’s market position.