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HomeBusinessJeff Bezos dumps $2 billion worth of Amazon shares

Jeff Bezos dumps $2 billion worth of Amazon shares

Jeff Bezos dumped $12 million worth of Amazon shares this week. According to recent stock market reports, the sales took place on Wednesday and Thursday and generated just over $2 billion. Notably, this is the first time that billionaire Jeff Bezos has sold shares in the company since 2021.

Amazon revealed on February 2 that Jeff Bezos plans to sell up to 50 million Amazon shares over the next 12 months, potentially taking advantage of a stock surge that will put him within striking distance of becoming the world’s richest person.

Jeff Bezos’ fortune has risen $22.6 billion this year to $199.5 billion as of Friday, according to the Bloomberg Billionaires Index.

Bezos sold about 12 million shares of Amazon, at between $168 and $171 per share, according to documents submitted to stock market regulators on Friday.

A previous stock exchange document, published on Wednesday, reported his intention to sell, next July, 50 million shares of the group that he founded 30 years ago and of which he is today executive president.

Forbes estimates Bezos’ fortune at $195.5 billion, making him the third richest man on the planet, behind Frenchman Bernard Arnault, CEO of the LVMH group, and Elon Musk, head of Tesla, Twitter and SpaceX.

The Amazon founder has sold more than $30 billion in stock since records dating back to 2002, including about $20 billion combined in 2020 and 2021. He has primarily donated stock, including about $230 worth of stock. million dollars that were given to nonprofit organizations in November.

Amazon recently released its financial results on February 1, which far exceeded expectations. Tech giant Amazon achieved revenue of $170 billion and net profit of $10.6 billion, driven by faster deliveries and a particularly successful holiday season.

Amazon shares rose more than 13 percent the next day on the New York Stock Exchange.

(With contributions from the agency)

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Posted: Feb 11, 2024, 06:31 am IST

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