Jeff Bezos Offloads Over $2 Billion in Amazon Stock, Selling 12 Million Shares

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In a recent disclosure to federal regulators, Jeff Bezos, the former CEO and current executive chairman of Amazon, has unveiled his sale of nearly 12 million shares of Amazon stock, amounting to a staggering value of more than $2 billion.

The filing with the US Securities and Exchange Commission (SEC) detailed Bezos' divestment of 11,997,698 shares of Amazon common stock over two days, February 7 and February 8. With Amazon's roots deeply embedded in Seattle, where Bezos kickstarted the company's journey in a humble garage almost three decades ago, the collective worth of these shares exceeded $2.04 billion, based on the listed price totals.




The shares were sold in five distinct blocks, ranging from 1 million to over 3.2 million shares each.

In a separate filing with the SEC, Bezos indicated a proposed sale of 50 million Amazon shares around February 7, with an estimated market value of $8.4 billion.

Having relinquished the role of CEO of Amazon in 2021 to dedicate more time to his various endeavors, including his space exploration venture Blue Origin and philanthropic initiatives, Bezos remains a key figure in the company's trajectory. While his listed address on the stock filings remains Seattle, reports suggest he has relocated to Miami.

The sale plan, subject to specific conditions, was initiated on November 8 the previous year and is slated to conclude by January 31, 2025, as outlined in the company's latest annual report.

Despite the sale of shares, Bezos retains a substantial fortune, currently ranking as the world's third richest person with a net worth of $200 billion, according to the Bloomberg Billionaires Index.

Legal Suit Against Amazon

In another development, Amazon.com finds itself embroiled in a proposed US class action lawsuit alleging violations of consumer protection laws. The lawsuit accuses the e-commerce giant of directing millions of shoppers towards higher-priced items, potentially earning extra fees in the process.

The complaint, filed in federal court in Seattle, contends that Amazon's algorithm governing product display in its "Buy Box" often favors higher-priced options over lower-priced alternatives with faster delivery times.

Allegations further suggest that Amazon designed the algorithm to favor third-party sellers enrolled in its Fulfillment By Amazon program, who pay substantial fees for services such as inventory storage, packaging, shipping, and returns.

Amazon has refrained from commenting on the lawsuit, which was filed by California residents Jeffrey Taylor and Robert Selway.

Disclaimer: This is a publicly available news, we have not done the due diligence for the same. Please before relying on the same do the due diligence!

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