Emma McIntyre/Getty Images Entertainment
Amazon (NASDAQ:AMZN) Executive Chairman Jeff Bezos sold more than $2 billion in stocks this week.
According to a regulatory investigation, Bezos sold about 12 million shares at a price of about $170 per share in five stock sales on Wednesday and Thursday. archiving on Fridays.
Bezos still owns about 976 million shares of Amazon (AMZN).
The disclosure comes after Bezos earlier this month adopted a plan that would allow him to sell up to 50 million shares before the start of next year, or about $8.6 billion in stock.
The plan, disclosed in Amazon’s 2023 annual report, was adopted on November 8, 2023 as part of the SEC’s Rule 10b5-1(c) which requires the sale of up to 50 million shares in a period of time prior to the 31st January 2025. subject to certain conditions. Bezos, who co-founded Amazon in 1994, owned about 10% of the company, or about 990 million shares, before the stock sale made public on Friday.
Prior to this week Bezos had not sold Amazon (AMZN) shares since 2021, however he purchased just one share on May 25, 2023.