Jeff Bezos, the founder and former CEO of Amazon, has announced plans to sell 25 million shares of the company, amounting to $5 billion at current trading value. He will still owe nearly $1 billion worth of shares, which amounts to 9 percent of the company.
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Excerpt from www.abccolumbia.com
(CNN)– Jeff Bezos is planning on selling $5 billion worth of Amazon shares, and it comes after the stock hit a record high.
Bezos disclosed the proposed sale of the 25 million shares in a regulatory notice that was filed after the market closed Tuesday.
Amazon stock also hit an all-time high during the day’s trading session.
Following the sale, the Amazon founder would still own $912 million shares, which is nearly 9% of the company.
