Amazon founder Jeff Bezos will sell up to 50 million shares of the online retail and cloud services firm over the next year, according to a company statement Friday. Reuters writes about this.
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< h3>Share value
The securities are worth $8.6 billion at the current share price of $171.8.
According to the company's latest annual report, the sales plan, which is subject to certain conditions , was adopted on November 8 last year and will be completed by January 31, 2025.
On Friday, Amazon shares rose nearly 8% after the e-commerce heavyweight company reported reported stronger-than-expected sales in the holiday quarter, and its profitable cloud business saw early gains thanks to AI-powered features.
They grew more than 80% last year amid broader price increases on technology stocks and outperformed the benchmark S&P 500 index.
In 1994, Bezos founded Amazon as a bookseller. In 2021, he stepped down as executive director and assumed the position of executive chairman.