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Amazon founder and executive chairman Jeff Bezos has recently divested over 14 million shares of his company, totaling approximately $2.4 billion, marking a substantial sell-off since the beginning of the month. The sales commenced late last week and extended through Tuesday, as disclosed in a securities filing. In total, Bezos has sold 14,006,906 shares, generating around $2.37 billion. These transactions were conducted under a prearranged trading plan that Bezos initiated in November and disclosed earlier this month. The plan allows him to sell up to 50 million Amazon shares before January 31, 2025.
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Last week alone, Bezos offloaded approximately 12 million Amazon shares valued at around $2.03 billion, adding to a previous tranche of 12 million shares just days before, with another 12 million shares divested the week prior. This surge in stock sales marks a departure from Bezos' previous stance, as he had not sold Amazon shares since May 2021, the year he stepped down as CEO of the company. Additionally, he gifted about $240 million worth of Amazon shares last year.
Why it matters
Bezos' recent acceleration in divestment coincides with his decision, announced in November, to relocate from Seattle to Miami, a move aimed at being closer to family and Blue Origin's operations.