Bezos to sell up to 50 mln Amazon shares by Jan 31 next year

Amazon.com founder Jeff Bezos will sell up to 50 million shares in the online retail and cloud services firm over the next one year, according to a company filing on Friday.

The securities are worth $8.6 billion at the current price of $171.8 share.

The sale plan, which is subject to certain conditions, was adopted on Nov. 8 last year and will be completed by Jan. 31, 2025, according to the company’s latest annual report.

Amazon shares ended nearly 8 per cent higher on Friday after the e-commerce heavyweight reported higher-than-expected sales for the holiday quarter and its lucrative cloud business signaled early gains from AI-powered features.