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In a recent disclosure, Amazon (AMZN.O) founder Jeff Bezos announced plans to sell up to 50 million shares of the online retail and cloud services giant over the next year, as outlined in a company filing on Friday.
Timeline and Conditions of the Share Sale:
The proposed sale, valued at $8.6 billion based on the current share price of $171.8, is scheduled to be executed between November 8, 2023, and January 31, 2025, subject to certain conditions, as detailed in Amazon’s latest annual report.
Market Response and Amazon’s Performance:
Following the announcement, Amazon shares experienced an almost 8% surge on Friday.
This boost came after the company’s impressive holiday quarter sales and positive indications from its lucrative cloud business, showcasing early gains from AI-powered features.
Amazon’s shares had already seen a remarkable 80% surge the previous year, outpacing the broader rally in tech stocks and surpassing the benchmark S&P 500 index (.SPX).
Jeff Bezos’ Journey and Current Standing:
Having founded Amazon in 1994 initially as a bookseller, Jeff Bezos has played a pivotal role in its growth.
In 2021, he stepped down as the chief executive, transitioning to executive chairman.
