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Amazon (NASDAQ:AMZN) Executive Chair Jeff Bezos sold more than $2 billion in shares this week.
Bezos sold about 12 million shares at prices of around $170 a share in five share sales on Wednesday and Thursday, according to a regulatory filing on Friday.
Bezos still owns about 976 million shares of Amazon (AMZN).
The disclosure comes after Bezos earlier this month adopted a plan that would let him sell as many as 50 million shares before early next year, or about $8.6 billion in stock.
The plan, made public in Amazon’s 2023 annual report, was adopted on Nov. 8, 2023 as part of the SEC’s rule 10b5-1(c) to sell up to 50 million shares over a period of time before Jan. 31, 2025, subject to certain conditions. Bezos, who co-founded Amazon in 1994, owned roughly 10% of the company, or approximately 990 million shares, before the share sales disclosed on Friday.
Before this week Bezos had not sold any Amazon (AMZN) shares since 2021, however he did buy a single share on May 25, 2023.