Jeff Bezos, the founder of Amazon.com, is set to sell 50 million shares in the online retail and cloud services firm over the next year, as reported by Reuters.
The securities are valued at $8.6 billion with a current share price of $172.13. According to the company’s latest annual report, the sale plan, adopted on November 8 last year, is slated to conclude by January 31 next year.
On Friday, Amazon shares surged by 8% following the e-commerce giant’s announcement of sales surpassing expectations in the holiday quarter. Additionally, its lucrative cloud business indicated early successes derived from AI-powered features.
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Bezos founded Amazon in 1994 as a bookseller, later stepping down from the chief executive role and assuming the position of executive chairman in 2021.
According to the Bloomberg Billionaires Index, he presently holds the rank of the world’s third-wealthiest individual, boasting a net worth of $185 billion.