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Jeff Bezos sells $2 billion worth of Amazon (AMZN) stock

The Amazon founder has parted with roughly 12 million shares this past week.

Donovan Erskine

February 14, 2024 12:00 PM

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It’s been nearly three years since Jeff Bezos stepped down from his position as CEO of Amazon in favor of a role as chairman, but he remains a key figure at the retail and entertainment company. However, Bezos seems to be making a concerted effort to get shares of the company off his hands, selling a whopping $2 billion in Amazon (AMZN) stock this past week.

It was reported by CNBC that Jeff Bezos sold 12 million Amazon (AMZN) stock — worth roughly $2 billion — over the past few days. The sale was discovered thanks to a filing to the SEC. This is the first time that Bezos has outright sold Amazon stock since 2021. Last November, he gifted shares to a nonprofit organization.

Amazon stock has been trending down since the news of Bezos’ stock dump came to light. The stock was valued as low as $167.73 yesterday following the news.

Interestingly enough, this sale comes after Jeff Bezos announced last year that he would be moving from Amazon’s home city of Seattle to Miami, where his other company, Blue Origin, operates. It’s not uncommon for founders of some of the world’s biggest companies to sell shares of their business, as Mark Zuckerberg has done it multiple times in the past.

Donovan Erskine

News Editor

Donovan is a young journalist from Maryland, who likes to game. His oldest gaming memory is playing Pajama Sam on his mom's desktop during weekends. Pokémon Emerald, Halo 2, and the original Star Wars Battlefront 2 were some of the most influential titles in awakening his love for video games. After interning for Shacknews throughout college, Donovan graduated from Bowie State University in 2020 with a major in broadcast journalism and joined the team full-time. He is a huge Scream nerd and film fanatic that will talk with you about movies and games all day. You can follow him on twitter @Donimals_