Amazon (NASDAQ:AMZN) founder Jeff Bezos is reportedly planning to divest at least 50 million company shares over the next year, as disclosed in a filing with the US Securities and Exchange Commission (SEC). Amazon, where Bezos currently holds the position of executive chair, outlined the trading plan, specifying that the sales will occur "over a period" concluding on January 25 of the following year, subject to certain conditions.
The filing, reported by Fox Business, highlighted that Bezos, who recently turned 60, owns nearly one billion shares of Amazon stock. Seven other top Amazon insiders also outlined trading plans for selling Amazon shares in the SEC filing, though Bezos's plan involved the largest number of shares. The divestment of Amazon shares constitutes a significant portion of Bezos's impressive $193.3 billion personal fortune.
In the holiday quarter ending December 31, 2023, Amazon reported a 14% increase in net sales to $170 billion compared to $149.2 billion in the fourth quarter of 2022. Net income also saw a substantial rise, reaching $10.6 billion in the fourth quarter of 2023, compared to $0.3 billion in the same period of the previous year. The Amazon Web Services (AWS) segment contributed to this growth, with sales increasing by 13% year-over-year to $24.2 billion.
Amazon CEO Andy Jassy expressed satisfaction with the company's performance during the past holiday season, stating, "This Q4 was a record-breaking Holiday shopping season and closed out a robust 2023 for Amazon. As we enter 2024, our teams are delivering at a rapid clip, and we have a lot in front of us to be excited about."
(With Agency Inputs)
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