Bezos Earns $5.7 Billion from Selling Shares in 'Amazon'

SadaNews - Jeff Bezos has completed a massive deal selling shares of "Amazon," from which he has earned approximately $5.7 billion since his wedding in late June.

The sales, which began when Bezos sold shares worth $737 million during the weekend he spent in Venice celebrating his wedding, were part of a trading plan for up to 25 million shares he adopted earlier this year. Bezos sold the last part of the 25 million shares on Wednesday and Thursday, offloading about 4.2 million shares for $954 million, according to data released by the U.S. Securities and Exchange Commission on Friday.

Amazon Shares Gain 38%

This sell-off comes at a time when Amazon's stock has risen by 38% from its lowest point in late April. The company is set to announce its earnings next week, as investors are waiting to see whether its massive spending on artificial intelligence will pay off. Bezos has sold over $50 billion worth of Amazon shares since 2002, according to data compiled by Bloomberg.

Representatives for Amazon and Bezos did not respond immediately to a request for comment.

Bezos, who remains the chairman of Amazon, still owns about 884 million shares, or more than 8% of the company. He is the third richest person in the world, with his stake in Amazon making up most of his wealth, which is estimated at $252.3 billion, according to Bloomberg's Billionaires Index. All sales were conducted under a trading plan (10b5-1), which is often used by company executives to avoid violating insider trading laws.

Bezos the Steady Seller

Bezos has consistently sold his shares and last year sold 75 million shares of "Amazon," netting $13.6 billion. He typically uses the proceeds to fund his other ventures, such as the space company "Blue Origin." He has also donated shares worth nearly $190 million to nonprofit organizations by 2025. His last purchases of Amazon stock, according to records dating back to 2002, were two years ago when he bought a single share for $114.77.

So far, Bezos's share sales totaling $5.7 billion outpace other top insiders this year, including Oracle CEO Safra Catz, who sold $2.5 billion in shares in the first half, and Michael Dell, CEO of Dell Technologies, who exited shares worth $1.2 billion.