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Jeff Bezos Divests $2 Billion Worth of Amazon Shares: A Strategic Move Amidst Evolving Ventures

11th February, 2024| By Business Desk
Jeff-Bezos
Jeff Bezos | Credit: Wikimedia Commons
  • Jeff Bezos, former CEO and current Executive Chairman of Amazon, disclosed the sale of approximately 12 million shares of Amazon stock valued at over $2 billion in a filing with federal regulators.
  • The shares were sold in five blocks between February 7th and 8th, contributing to Amazon’s collective stock value exceeding $2.04 billion.
  • Bezos also outlined plans for the potential sale of an additional 50 million Amazon shares, estimated at $8.4 billion, in a separate filing with the SEC.
  • Bezos cited his desire to focus on other ventures, including Blue Origin and philanthropy, as the reason for stepping down as CEO in 2021.
  • Despite listing his address as Seattle, where Amazon is headquartered, Bezos reportedly relocated to Miami, indicating his continued involvement in the technology and business sectors amidst changing work dynamics.

Jeff Bezos, the renowned figure in the technology and business world, recently made headlines with his significant sale of Amazon stock. According to a statement filed with federal regulators, Bezos disclosed the divestment of approximately 12 million shares of Amazon stock, tallying an impressive value exceeding $2 billion.

The filing with the U.S. Securities and Exchange Commission (SEC) detailed Bezos’ sale of 11,997,698 shares of common stock across the span of February 7th and 8th. Amazon, the e-commerce giant founded by Bezos in a humble garage in Seattle nearly thirty years ago, saw its collective stock value surge to over $2.04 billion as a result of these transactions.

The shares offloaded by Bezos were delineated into five blocks, ranging from 1 million to over 3.2 million shares each. Additionally, in a separate filing with the SEC, Bezos outlined plans for the potential sale of an additional 50 million Amazon shares around February 7th, boasting an estimated market value of $8.4 billion.

Bezos, who assumed the role of Amazon’s Executive Chairman subsequent to stepping down as CEO in 2021, cited the desire to allocate more time to his various ventures as the impetus behind his decision. Notably, his ventures extend beyond Amazon to encompass projects such as Blue Origin, a space exploration company, and his philanthropic endeavors.

Although Bezos’ stock filings list his address as Seattle, where Amazon’s headquarters are situated, reports indicate that he has relocated to Miami. This move underscores Bezos’ continued involvement in the technology and business sectors while also reflecting the evolving landscape of remote work and corporate leadership.