Amazon’s founder and its largest individual shareholder, Jeff Bezos, has made a significant move in the financial market. According to company documents, Bezos has sold approximately twelve million shares of his company. This massive sell-off in the online retail and cloud service provider equates to a hefty sum of two billion dollars or 1.86 billion euros.
The transaction involving the sale of these shares took place over two consecutive days, specifically, this past Wednesday and Thursday.
Interestingly, this is not the end of Bezos’ planned sell-offs. As announced by Amazon last week, Bezos intends to sell up to a whopping 50 million shares of the world’s largest online retailer. This sales plan was put into motion on November 8 of the previous year and is expected to be completed by January 31, 2025.
What’s the reason behind Bezos’ massive sell-off?
The stock deal has sparked various speculations across the internet. Many are left wondering, why does Bezos need such a massive amount of money? It’s speculated that the founder of Amazon is planning to use these billions to further finance his space company, Blue Origin. As part of the competitive space race, Bezos aims to surpass his rival, Elon Musk, with plans to transport passengers into space as early as the coming year.
It’s important to note that Amazon’s stock value has spiked by more than 70 percent in the past year. With a market capitalization of 1.812 trillion dollars, Amazon currently ranks as the fourth most valuable company in the USA. It trails behind Microsoft with a market capitalization of 3.1 trillion dollars, Apple with 2.9 trillion dollars, and Google’s parent company, Alphabet, with 1.8 trillion dollars.