Jeff Bezos plans to sell a large amount of Amazon shares in the next year, a filing with the Securities and Exchange Commission (SEC) indicated.
Amazon, where Bezos currently serves as executive chair, said in the Friday filing that its billionaire founder had a trading plan for selling a maximum of 50 million shares. Under the prearranged plan that he adopted in November, the sales will occur "over a period" ending Jan. 25 of next year "subject to certain conditions."
FOX Business reached out to Amazon for comment on the trading plan, which was earlier reported by Bloomberg.
Seven other Amazon high-up insiders also took up trading plans in November for offloading Amazon stock, the SEC filing showed. However, Bezos’ involved the largest amount of shares.
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Bezos’ stake in Amazon includes over 988 million shares, another SEC filing indicated. Those stocks make up a major portion of his $193.3 billion personal fortune, according to Forbes.
The company’s stock price has risen from the start of the day and over the past year, with its latest jump tied to the news it generated $169.96 billion in revenue and $10.6 billion in net income in the fourth quarter. It was worth $1.77 on a market capitalization basis as of Friday afternoon.
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Bezos has been Amazon’s executive chair since July 2021. Prior to that, he led the e-commerce giant as its CEO for about 27 years.
The billionaire recently turned 60, commemorating the milestone with fiancée Lauren Sanchez and others last month.
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