Jeff Bezos To Sell Up To 50 Million Amazon Shares By January 31 Next Year

New Delhi: Jeff Bezos, the founder of Amazon.com, is set to sell up to 50 million shares of the company over the next year, as per a recent company filing.

Amazon Share: Sale Details

The shares are valued at $8.6 billion based on the current share price of $171.8. The sale plan, adopted on November 8 last year, is expected to be completed by January 31, 2025, according to Amazon's latest annual report. (Also Read: 9 Famous Indian Alumni Of Harvard University: Check Their Education & What They Are Doing Today)

Amazon Share: Market Response

Amazon shares saw a significant increase of nearly 8 percent following the news of Bezos' planned sale. This rise was fueled by strong sales reported by the company for the holiday quarter, along with promising results from its cloud business, which showed early success with AI-powered features. (Also Read: Latest HDFC Bank FD Rates 2024: How Much Return Will You Get From Fixed Deposit? Check Here)

Amazon Share: Background

Amazon shares had a remarkable surge of over 80 percent last year, outperforming the benchmark S&P 500 index. Bezos, who founded Amazon as an online bookseller in 1994, stepped down as CEO in 2021 but remains the executive chairman of the company.

Jeff Bezos' Wealth

Currently, Jeff Bezos holds the position as the world's third richest person, with a net worth of $185 billion, according to the Bloomberg Billionaires Index.

(With Reuters Inputs)