Amazon founder and billionaire Jeff Bezos, has stated that he plans to sell up to 50 million shares of the company, which is worth approximately $8.6 billion at the current share price of $171.81.
The Times reported that in compliance with the Securities and Exchange Commission guidelines, this disclosure was included in a regulatory filing that was made public on Friday and was included in Amazon’s annual report.
Bezos’s choice is in line with that of his ex-wife, MacKenzie Scott, who garnered media attention last year when she sold shares of Amazon valued at about $10.4 billion.
Following 25 years of marriage and the finalization of their divorce in 2019, Scott kept a sizeable 4% ownership in the business, which made her one of the richest women in the world at the time. But according to recent regulatory filings, she shed 65.3 million shares in Amazon.com Inc. over the past year, constituting roughly a quarter of her stake.
Despite their public divorce, the rich pair continues to have a big impact on Amazon; they both own sizeable shares in the internet giant. In 2021, the sixty-year-old Bezos left his job as CEO to become the board chair. His choice to sell shares is in line with a predetermined trading strategy, provided certain requirements are met.
When Amazon announced a record-breaking holiday shopping quarter, Jeff Bezos made the smart decision to sell the company’s shares, which caused the stock to rise by almost 8% on Friday.
This action is indicative of a larger trend in which wealthy people are picking their residences with consideration for the tax consequences. Interestingly, the money raised from the sale of the stock might be used to support Blue Origin or other personal endeavours.