Published , by Donovan Erskine
Published , by Donovan Erskine
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.