Amazon founder Jeff Bezos plans to sell up to 50 million shares of Amazon stock over the next year, according to a regulatory filing posted on Friday, CNN reported.
The shares are worth nearly $8.6 billion at their current price.
Amazon’s annual report disclosed Bezos’s intended stock sale following a Securities and Exchange Commission law that mandates such disclosures.
The announcement also coincides with a day after the business revealed a record-breaking quarter for Christmas sales, which caused Amazon’s stock to rise by almost 8% on Friday.
After resigning from his position as Chief Executive Officer (CEO) of the leading e-commerce giant, Bezos has primarily made news for his eccentric style choices, his relationship with fiancée Lauren Sanchez, and his aspirations to travel to space through his own company, Blue Origin.
He is currently the chair of the board of Amazon.
The annual report said that Bezos adopted a trading plan to sell up to 50 million shares of Amazon stock over a period ending on January 31, 2025, subject to certain conditions.
It would appear now is a good time for Bezos to sell. Amazon shares tumbled in 2022 amid a whiplash in pandemic-induced demand for e-commerce and broader macroeconomic uncertainty.
Current CEO Andy Jassy has since embarked on aggressive cost-cutting measures, including multiple rounds of mass layoffs that have put tens of thousands of workers out of jobs. Some of the layoffs have continued into this year.