Jeff Bezos, the Executive Chairman of Tech giant Amazon (NASDAQ:AMZN), sold 14 million shares, according to a regulatory filing, and has effectively concluded his plan to sell 50 million shares. Bezos has sold these shares in multiple transactions worth over $2 billion.
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Bezos announced his trading plan in November last year and aimed to sell $8.6 billion worth of stock by January 31, 2025. The Executive Chairman made this announcement shortly after shifting to Miami from Seattle for tax advantages. Miami does not impose state taxes on capital gains.
According to the Bloomberg Billionaires Index, Bezos is now the third richest person in the world with a net worth of $191 billion as of February 21.
Is Amazon a Buy, Sell, or Hold?
Analysts remain bullish about AMZN, with a Strong Buy consensus rating based on 40 Buys. AMZN stock has surged by more than 75% over the past year, and the average AMZN price target of $208.10 implies an upside potential of 22.6% at current levels.
Currently, AMZN insiders hold 9.1% of its stock, with 30% owned by institutional investors and 18.37% owned by Mutual funds.
