In a significant move, Amazon.com Inc. AMZN founder, Jeff Bezos, has sold $2 billion worth of company shares. This marks his first major stock sale since 2021.
What Happened: Bezos sold 12 million Amazon shares in multiple transactions on Wednesday and Thursday, netting the billionaire a little over $2 billion, as per a filing with the U.S. Securities and Exchange Commission (SEC).
On Feb. 2, Amazon disclosed Bezos’ plans to sell up to 50 million shares over the next year.
Bezos still has 38 million shares he plans to offload over the course of the next 12 months. This could net him a potential $6 billion to $6.5 billion, based on the current prices.
This move could potentially capitalize on a stock surge that has brought Bezos close to becoming the world’s wealthiest individual. As of Friday, his fortune has increased by $22.6 billion this year, reaching $200 billion, according to the Bloomberg Billionaires Index.
This brings Bezos within striking distance of Tesla Inc. CEO Elon Musk, who has a wealth of $209 billion, after a decline of $20.2 billion this year so far.
Since 2002, Bezos has sold over $30 billion in Amazon shares, including approximately $20 billion in 2020 and 2021. Bezos has also gifted $230 million in Amazon shares to non-profit organizations.
Amazon declined Benzinga’s request for comment.
Why It Matters: Bezos’ decision to sell his shares comes at a time when Amazon’s stock continues to soar.
Bezos' wealth stood at a little under $178 billion at the end of 2023, but a 16.35% surge in the Amazon stock in 2024 so far has also lifted its founder's net worth, which touched the $200 billion mark on Friday.
AMZN Price Action: Amazon shares closed at $174.55, up by 2.77% in the last 24 hours, versus a 52-week range of $88.12 to $172.5, according to the data from Benzinga Pro.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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