Jeff Spicer
Amazon (NASDAQ:AMZNGovt Chairman Jeff Bezos has adopted a plan that can enable him to promote as many as 50 million shares earlier than early subsequent yr, the corporate introduced Friday.
The plan, which was made public in Amazon’s 2023 annual report, was adopted on November 8, 2023 as a part of the SEC’s Rule 10b5-1(c) to promote as much as 50 million shares throughout a interval earlier than January 31, 2025, topic to sure circumstances. Bezos, who co-founded Amazon in 1994, owns about 10% of the corporate, or about 990 million shares, in accordance with a 2023 report. submit with the Securities and Alternate Fee.
Rule 10b5-1(c) was launched in 2000 as a part of the crackdown on insider buying and selling.
At present ranges, the 50 million shares can be price about $8.6 billion to Bezos. His web price is estimated at $185 billion, making him the third richest individual on this planet, in accordance with Bloomberg’s Billionaire’s Index. Solely LVMH ( OTCPK:LVMUY ) founder, chairman and CEO Bernard Arnault and Tesla ( TSLA ) CEO Elon Musk are price extra.
Bezos hasn’t offered any Amazon shares since 2021, however he did purchase one share on Might 25, 2023.
Amazon additionally disclosed the buying and selling plans of a number of different executives in its annual report, together with CEO Andy Jassy and Chief Monetary Officer Brian Olsavsky.
Jassy has adopted a plan that can enable him to promote as much as 190,000 shares by December 31, 2024, whereas Olsavsky has adopted a plan to promote 31,400 shares by Might 28.
Shares of Seattle-based Amazon rose 7.9% mid-afternoon buying and selling on Friday after the tech large reported fourth-quarter outcomes and steering that exceeded Wall Avenue expectations.
