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Home Business

Jeff Bezos to Sell $5 Billion Worth of Amazon Shares Following Stock Surge

by Joan Aimuengheuwa
July 4, 2024
in Business
0
Jeff Bezos to Sell $5 Billion Worth of Amazon Shares Following Stock Surge
Jeff Bezos/Source: WallpaperCave

Jeff Bezos/Source: WallpaperCave

UBA
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Coinciding with Amazon’s record stock price surge, Founder and Executive Chair Jeff Bezos announced plans to sell a portion of his holdings in the company. 

A regulatory filing revealed Bezos’ intention to offload roughly $5 billion worth of Amazon shares, approximately 25 million shares.

Amazon’s stock recently reached an all-time high of $200.43 per share, a 30% surge in 2024 alone. This performance dwarfs the wider market, with the Dow Jones Industrial Average experiencing a meagre 4% gain year-to-date.

Despite the sale, Jeff Bezos will remain a major shareholder in Amazon. Following the transaction, he is expected to retain ownership of approximately 912 million shares, representing 8.8% of the total outstanding stock. 

This isn’t the first time Bezos has divested from Amazon in recent years. In February 2023, he capitalized on an 80% stock rally by selling shares valued at roughly $8.5 billion.

Bezos, currently the world’s second-richest person with a net worth of $214.4 billion according to Forbes, is a multifaceted figure. Beyond his role at Amazon, he is also the founder of Blue Origin, a private space exploration company that recently achieved a successful six-person suborbital mission.

Amazon’s recent financial success can be attributed to several factors, including advancements in artificial intelligence. The company has also undergone a leadership reshuffle within its cloud computing unit, a critical segment of its business. Matt Garman was appointed as the new head, replacing Adam Selipsky.

Reports speculate that this development might mean a potential shift in Bezos’ focus, perhaps devoting more resources to Blue Origin’s space exploration initiatives.

Regardless of the motivations behind the sale, it’s undeniable that Jeff Bezos remains a central figure in the global business industry. 

While the sale might impact Bezos’ individual stake in Amazon, it’s unlikely to largely affect the company’s overall direction. 

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  • Joan Aimuengheuwa
    Joan Aimuengheuwa

    Joan thrives at helping individuals and businesses scale via storytelling...

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Tags: amazonAmazon sharesAmazon stockJeff Bezos
Joan Aimuengheuwa

Joan Aimuengheuwa

Joan thrives at helping individuals and businesses scale via storytelling...

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