Saturday, February 03, 2024
Amazon founder Jeff Bezos plans to sell up to 50 million shares of Amazon stock over the next year, valued at nearly $8.6 billion, according to a regulatory filing posted on Friday, CNN reported.
Amazon's annual report included Bezos' planned stock sale due to a Securities and Exchange Commission rule, which follows the company's record holiday shopping quarter, which saw shares climb by 8% on Friday.
The 60-year-old billionaire stepped down as CEO of the company he founded in 2021 but remains the chair of the board.
Bezos has since been known for his fashion choices, relationship with fiancé Lauren Sanchez, and space-faring ambitions through his private company Blue Origin.
The annual report said Bezos adopted a trading plan to sell up to 50 million shares of Amazon stock over a period ending on January 31, 2025, subject to certain conditions.
Amazon's stock has seen a sharp rally, climbing roughly 90% since December 2022, after falling to $84 a share.
This is a good time for the millionaire to sell his company's stock, as they plummeted in 2022 due to pandemic-induced demand for e-commerce and macroeconomic uncertainty.
The current CEO Andy Jassy has implemented aggressive cost-cutting measures, including mass layoffs, which have left thousands of workers out of work.
Moreover, Bezos' recent move to Florida could allow him to avoid state capital gains taxes on his stock sale, as Florida currently doesn't have such taxes, unlike Washington, which upheld a capital gains tax measure last year, according to the Seattle Times.