In a report published last Friday, Jeff Bezos was said to have sold 12 million shares in the company he founded in 1994. The transaction was worth roughly $2 billion dollars and took place on Wednesday and Thursday of last week. The sale seemed to have almost no effect on the tech giant’s share price, which ended up 1.54% for the week.
Bezos sells $2 billion worth of Amazon shares
The move follows a recent announcement that Bezos is set to sell between 50 million and 75 million shares over the next 12 months. Investors now buying Amazon shares are essentially betting against Bezos as he has become a ‘big seller’ of the stock.
Jeff Bezos became executive chairman of Amazon in 2021 after stepping down as CEO, which could be seen as a negative for the company overall. A slight ‘exposure reduction’ appears to be happening with Bezos and Amazon, to which the market may not be giving enough respect. Nevertheless, he continues to have an influence on Amazon’s strategy while also dedicating time to managing other ventures such as Blue Origin and engaging in philanthropy.
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The market does not seem to be phased about Bezos selling millions of shares throughout 2024, which could total over $13 billion dollars at the current share price. It will be interesting to see how events at Amazon play out in 2024 as Bezos focuses more of his efforts elsewhere.
