Amazon.com Inc. AMZN founder and chairman Jeff Bezos has sold nearly 36 million shares of the company he set up 30 years ago, totaling over $6.15 billion. While it's not known what Bezos' end game is, social media users have some hilarious takes on the matter.
What Happened: Bezos plans to sell 50 million Amazon shares over the span of 12 months, which could potentially net him $8.5 billion in total.
He still has 14 million shares remaining, which could net him up to $2.4 billion.
While Bezos is capitalizing on the Amazon stock surge, his net worth has risen to $194 billion, according to the Bloomberg Billionaires Index. This is after a surge of $16.7 billion in 2024 so far. He is now the second richest person in the world.
Bezos has now sold over $36 billion in Amazon shares since 2002, of which $20 billion worth of stake sale took place in 2020 and 2021.
Although neither Bezos nor Amazon have given a reason yet for the stake sale, social media users are having a field day with jokes and memes.
"Jeff wants to buy a quick car and two mega mansions," one user quipped.
"Respond to his high school friend's DM about an exciting new business opportunity based on network marketing."
One user joked Bezos wants to hang out with his competitor Elon Musk for a cards night.
Another user quipped Bezos probably wants to buy back 100% shares in Amazon after the stock crashes, referring to former WeWork Inc. CEO Adam Neumann attempting to buy the company back after SoftBank wrote off its $14 billion investment.
On a slightly serious note, one user asked what's the reason behind Bezos selling billions of dollars worth of Amazon shares.
There was a funny take on inflation, too.
AMZN Price Action: Amazon shares closed at $168.57, down by 0.72% in the last 24 hours, versus a 52-week range of $88.12 to $175.39, according to the data from Benzinga Pro.
Photo courtesy: Shutterstock
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