Amazon founder Jeff Bezos has offloaded approximately $2.4 billion worth of Amazon.com (AMZN) shares over the past several trading days, according to a recent disclosure by the company. This substantial sell-off adds to Bezos’s divestment of roughly $8.5 billion in Amazon stock for the month.
The transaction involved the sale of about 14 million shares of Amazon stock, with prices ranging from $166.41 per share to $170.89. These details were revealed in a regulatory filing issued late Tuesday by Amazon. Since the beginning of the month, Bezos has sold approximately 50 million shares.
Earlier this month, Amazon disclosed in its annual report that Bezos had initiated a trading plan to sell up to 50 million shares by January 31, 2025. The plan, known as a 10b5-1 trading plan, is subject to specific conditions as outlined in the regulatory filing.
Bezos relinquished his role as chief executive of the tech giant in 2021. Notably, he did not sell any stock in 2022 and 2023. Despite stepping down, Bezos continues to serve as Amazon’s executive chair and remains its largest shareholder, holding over 938 million shares. Vanguard Group trails as the second-largest shareholder, possessing just over 730 million shares as of the end of 2023, according to FactSet data.
In recent trading, Amazon stock exhibited a 0.5% increase, reaching $167.82. Late Tuesday, the S&P Dow Jones Indices revealed that Amazon would be included in the 30-stock Dow Jones Industrial Average, replacing Walgreens Boots Alliance (WBA). This change is set to take effect before trading commences on Monday.
Amazon shares have showcased robust performance, soaring by 81% over the course of last year. The stock has also started 2024 on a strong note, boasting an 11% increase.
