Several executives at Amazon.com Inc. have recently sold some of their Amazon stock holdings, but Jeff Bezos, the company’s executive chair and a major shareholder, has not made any sales. Despite rumors suggesting otherwise, Bezos has not disclosed any sales of Amazon shares for the past two years. However, he has donated some shares to nonprofit organizations.
Last week, there were reports that Bezos was selling stock, potentially up to 10 million shares, on November 21. According to the Securities and Exchange Commission (SEC), insiders must disclose their sales within two business days. However, no such filings have been made regarding Bezos’ alleged sales.
Ben Silverman, the research director at VerityData, stated that Bezos has not sold any shares since November 2021. He also mentioned that a sale of 8 million to 10 million shares is not significant considering Bezos’ historic behavior and his ownership of 988 million shares.
In the past, Bezos has sold a significant amount of Amazon stock. In November 2021, he sold 20 million split-adjusted shares valued at $3.33 billion. Additionally, in August 2019, he sold close to $3 billion worth of stock.
Regarding the reports of Bezos unloading $240 million worth of Amazon shares the week before, it was revealed that the shares were actually gifted to nonprofit organizations at no cost. Amazon has not provided any details about the reasons behind the donations or the organizations involved.
Bezos is known for conducting his share sales under Rule 10b5-1 plans. However, if he were to sell now, it would either be outside of a Rule 10b5-1 plan, which is unusual for him, or as part of a plan adopted before April 1, 2023.
Despite the speculation surrounding Bezos’ stock sales, it is important to note that his gifts to nonprofits are not uncommon. In May, he gifted $165 million in shares, and in November 2022, he gifted over $320 million in shares.
As the third-richest person in the world, Bezos owns 988,251,817 shares of Amazon, accounting for 9.6% of the outstanding shares. With Amazon’s stock rallying to a 19-month high, Bezos’ holdings are currently valued at $146.7 billion.
Share sales by other Amazon executives
Several other Amazon insiders sold some of their Amazon shares last week as part of predetermined trading plans:
- Chief Executive Andrew Jassy acquired 55,120 shares on November 21 and sold 21,933 shares on the same day.
- Douglas Herrington, CEO of Worldwide Amazon Stores, acquired 23,700 shares and sold 9,480 shares on November 21.
- General Counsel David Zapolsky acquired 16,800 shares and sold 25,160 shares on November 21.
- Chief Financial Officer Brian Olsavsky acquired 16,800 shares and sold all of them on November 21.
- Adam Selipsky, CEO of Amazon Web Services, acquired 7,760 shares and sold 4,104 shares on November 21.
- Worldwide Controller Shelley Reynolds acquired 3,120 shares and sold all of them on November 21.