In a move that signals further divestment, Amazon.com founder Jeff Bezos is anticipated to reduce his stake in the e-commerce giant on Tuesday, following the recent sale of shares valued at approximately $240 million, as reported by CNBC, citing an inside source. In anticipation of the sell-off, Amazon stock takes hit   consequently trading 2% lower on Tuesday afternoon. 

At the time of this publication, Amazon.com Inc stock (AMZN) has witnessed a decline.
Amazon.com Inc
Current Price: $142.96
Change : -3.17
Change (%): (-2.17%)
Volume: 40.5M
Source: Tomorrow Events Market Data

Sources suggest that Bezos might unload between 8 million to 10 million shares in this latest round, reaching a staggering sum exceeding $1 billion, according to the CNBC report. Despite attempts to obtain comments, a spokesperson for Jeff Bezos and Amazon remained silent in response to a Reuters request..

Since relinquishing his role as the CEO of Amazon, Jeff Bezos has been progressively liquidating his shares within the tech giant company. The capital derived from these transactions is earmarked to support his ambitious space exploration project, Blue Origin.

Earlier this month, Bezos disclosed his decision to relocate from Seattle to Miami. The move is positioned to bring him closer to both his parents and the operational base of Blue Origin at Cape Canaveral. This geographical shift aligns with Bezos’s commitment to advancing his space venture, emphasizing the strategic importance of proximity to Blue Origin’s key activities.

As Jeff Bezos proceeds with his substantial stock sell-off, Amazon stock takes a hit, reflecting the ongoing financial realignment in support of Bezos’s space exploration venture, Blue Origin. As the entrepreneur continues to reallocate his financial resources, industry observers are keenly monitoring the impact on both Amazon’s stock performance and the progress of Blue Origin’s ambitious initiatives.

Source: Reuters