It was a big week for Jeff Bezos, one of the world's richest persons, and currently serving as the executive chairman of Amazon. His $10.8 billion jump in the stock market value was stated in a formal declaration that was submitted to the U.S.
Securities and Exchange Commission - though it might signal only the commencement of his big annual share sell-off. As per the filing made with the U.S. Securities and Exchange Commission, Bezos sold a huge 11,997,698 shares of Amazon stock.
This transaction took place on February 7 and 8, and exceeds $2 billion, which marks yet another high-impact financial move by the e-commerce titan. It is from this substantial sale that comes off the tech giant's headquarters in Seattle – the very city where about 30 years ago Bezos had embarked on his revolutionary journey to start Amazon from a modest garage.
The sold shares, in which are divided into five separate blocks that include starting from 1 million up to over 3.2 million, yield a value exceeding $2.04 billion with the stipulated stock prices.
Bezos's Major Stock Shift
In an intriguing development, another SEC filing revealed Bezos's plans for an even larger stock sale.
According to the document, about 50 million shares of Amazon were due to be offloaded with a pre-arranged schedule on or about February 7. The proposed share sale was valued at a staggering $8.4 billion, an immense amount and a tactical financial change for the tech executive.
However, one should remember that in 2021 Bezos resigned as Amazon CEO, which made him more capable of doing things other than running Amazon. Among those are the space exploration company Blue Origin and numerous philanthropy projects.
Despite his resignation, Bezos continues to play a significant role in the company he founded. In fact, reports have said, the statement in the stock filings that Bezos's address remains that of Seattle is ironic, because records point to him having moved long ago and spending his time living in Miami.
This transition may mean a completely new page in the life of the tech titan, in both his personal life and his business.