Amazon, Inc. AMZN founder and chairman Jeff Bezos further reduced his holdings in the e-commerce giant by selling an additional 12 million shares on Tuesday, a transaction valued at $2.08 billion.
What Happened: The sale, executed in nine separate transactions across Friday and Monday, was made in accordance with a pre-established “Rule 10b5-1 trading plan” filed with the SEC in August 2023.
Despite this latest divestment, Bezos retains a significant stake in Amazon, holding approximately 964.2 million shares and representing 9.3% of the company’s outstanding shares.
This new round of share sales comes closely on the heels of another $2 billion worth of Amazon shares sold by Bezos last Friday, aligning with his previously announced plan to offload up to 50 million shares over the year.
See Also: Everything You Need to Know About Amazon Stock
Why It Matters: Notably, the timing of these transactions coincides with a broader market downturn triggered by recent inflation data.
While stepping down as Amazon CEO in July 2021 and handing the reins to Andy Jassy, Bezos remained chairman. He has steadily transitioned his focus towards his space venture, Blue Origin, while gradually reducing his active role in Amazon’s management.
In November, Bezos further emphasized this shift by announcing a move from Seattle, where he founded Amazon in 1994, to Miami. This relocation reportedly aims to bring him closer to his parents and the growing Blue Origin operations concentrated in Cape Canaveral.
Price Action: Amazon ended Tuesday’s session down 2.15% at $168.64, according to Benzinga Pro data, with the weakness primarily due to the broader market downturn in the wake of hot inflation data.
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