Jeff Bezos’ stake in tech giant Amazon (AMZN) has dropped to below 10% for the first time as he continues to step back from the company he founded nearly 30 years ago. In fact, a securities filing on Tuesday revealed that he now owns about 9% of Amazon’s outstanding shares after selling more than 100 million shares in the past year. These sales are part of a steady pattern that began after Bezos stepped down as CEO in 2021, when leadership was passed on to Andy Jassy.
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Interestingly, Bezos held about 10.1% of Amazon just a year ago, which was a sharp fall from the 43% stake he controlled when the company went public in 1997. In addition, his latest stock sales are one of the biggest drops in his ownership since leaving daily management. Nevertheless, Bezos is still Amazon’s largest individual shareholder, although he has shifted much of his attention towards other interests, such as his space company Blue Origin, philanthropy, and personal projects.
However, he is not the only one. Indeed, MacKenzie Scott, Bezos’s former wife, sold 42% of her stake in the company over the past year, according to a Bloomberg report. More specifically, a regulatory filing showed that she now owns 81.1 million shares, down 58 million from the previous year. This comes as Scott continues to fund her charity work.
What Is the Price Target for AMZN Stock?
Turning to Wall Street, analysts have a Strong Buy consensus rating on Amazon stock based on 43 Buys assigned in the past three months. Furthermore, the average AMZN stock price target of $267.77 per share implies 24.4% upside potential from current levels.
