According to Fortune narrative, Jeff Bezos sold 12 million shares of Amazon.com Inc. last week, marking the first time the billionaire has done so since 2021.
Five blocks containing stocks ranging from one million to more than 3.2 million were formed.
Bezos disclosed the intended sale of 50 million Amazon shares, which have an estimated market value of $8.4 billion, in a separate SEC filing around February 7.
To devote more attention to his other endeavors, such as his philanthropic work and the rocket business Blue Origin, Bezos resigned as CEO of Amazon in 2021. The stock filings identify his residence as Seattle, although it is said that he has moved to Miami.
Amazon has not commented on this week’s stock sales.
As per the reports, Bezos’s share transactions coincide with Amazon’s stock value changes, indicative of wider market instability and worries. Despite this, Amazon is still one of the most valuable corporations in the world and continues to impose its dominance in several industries, including e-commerce, cloud computing, and digital streaming.