Bezos to sell up to 50 million Amazon shares by Jan. 31 next year - filing


Amazon CEO Jeff Bezos speaks during the UN Climate Change Conference COP26 in Glasgow Scotland Britain November 2 2021. Paul EllisPool via REUTERSFile Photo

Amazon CEO Jeff Bezos speaks during the UN Climate Change Conference (COP26) in Glasgow, Scotland, Britain, November 2, 2021. Paul Ellis/Pool via REUTERS/File Photo

(Reuters) -Amazon.com founder Jeff Bezos will sell up to 50 million shares in the online retail and cloud services firm over the next one year, according to a company filing on Friday.

The securities are worth $8.6 billion at the current price of $171.8 share.

The sale plan, which is subject to certain conditions, was adopted on Nov. 8 last year and will be completed by Jan. 31, 2025, according to the company's latest annual report.

Amazon shares ended nearly 8% higher on Friday after the e-commerce heavyweight reported higher-than-expected sales for the holiday quarter and its lucrative cloud business signaled early gains from AI-powered features.

They had surged more than 80% last year amid a broader rally in tech stocks and outperformed the benchmark S&P 500 index.

Bezos founded Amazon as a bookseller in 1994. He stepped down as its chief executive and took over as executive chairman in 2021.

He is currently the world's third richest person with a net worth of $185 billion, according to Bloomberg Billionaires Index.

BRIGHTENING LIVES, POWERING THE FUTURE

(Reporting by Yuvraj Malik in Bengaluru; Editing by Arun Koyyur)

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Others Also Read


Want to listen to full audio?

Unlock unlimited access to enjoy personalise features on the TheStar.com.my

Already a member? Log In