Amazon founder Jeff Bezos sold shares worth around $2.03 billion in the American e-commerce giant over February 14-15, his third stake sale in just a month, taking the total value to over $6 billion.
This time around, Bezos unloaded around 12 million shares of Amazon at an average price of $169.50 apiece. Before this, Bezos had offloaded another 12 million shares between February 9 and 12 and another 12 million in the week prior. So far, Bezos has already sold off 36 million shares of Amazon.
The stake sales are part of the company's trading plan which came into effect in November. The company had also announced that Bezos was planning to offload up to 50 million shares of Amazon through the year. This also marks the biggest and only stake sale done by the Amazon founder since 2021, the year when he stepped down from his position as the company's CEO. However, he did donate about $240 million worth of Amazon shares last year.
The recent stake sales also brought Bezos' holding in Amazon down to 952.26 million shares from 976.25 million shares earlier.
The plans of the stake sale also coincide with a time when Amazon's stock price has witnessed a 73 percent surge over the past year, tracking the overall rally in shares of big tech companies in recent times.
Other tech biggies are also using the recent surge in shares of technology companies as a means to pare some stake and make big cash. Last week, Facebook co-founder Mark Zuckerberg also unloaded $134 million worth of shares in the technology conglomerate Meta Platforms.
With the recent stake, the total tally reached $765 million worth of shares to have been sold by the Facebook co-founder since November last year.
As shares of technology companies have soared to greater highs in the past year amid hopes of the US averting a recession and the Federal Reserve balancing out inflation and setting the foot on rate-cuts, it has provided plenty of exit points for technology bigwigs to make loads of money through partial stake sales.
Also Read | Bigwigs in US tech scaling down stakes. Is US tech peaking?
(with agency inputs)
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