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Amazon.com Inc. founder and executive chair Jeff Bezos continues to sell stock, dumping another $2 billion as part of a trading plan.
A new filing with the Securities and Exchange Commission on Tuesday shows that Bezos unloaded 12 million more Amazon shares
AMZN,
across a series of transactions Friday and Monday. He dumped roughly the same amount in a bout of selling done last Wednesday and Thursday, a prior SEC filing indicated.
The most recently disclosed sales took place at prices between $170.61 and $175.34.
See more: Jeff Bezos just sold $2 billion in Amazon stock. That doesn’t mean you should sell too.
Bezos’ $4 billion worth of transactions came as part of a 10b5-1 trading plan, which is set up to allow company insiders like board members and executives to sell stock when predetermined conditions are triggered. He adopted his current plan in November 2023, though Amazon disclosed it in its 10-K earlier this month.
Through the current plan, Bezos can sell up to 50 million shares of Amazon by the end of January 2025. VerityData research vice president Ben Silverman previously noted that Bezos was likely to concentrate sales over several days rather than spreading them out over weeks or months, based on a review of his past selling activity.
Bezos’ February sales are his first since November 2021, Silverman noted. He dumped 60 million shares that year after unloading 80 million in 2020.
See also: Nvidia closes with a market cap above Amazon’s for first time since 2002
Insider sales, even ones conducted through 10b5-1 plans, can sometimes be telling for investors who are looking at where executives and board members are willing to sell. But Silverman said after Bezos’ first $2 billion sale this month that his past selling activity didn’t prove to be a good predictor of how Amazon’s stock went on to perform.
An Amazon spokesperson didn’t immediately respond to a MarketWatch request for comment about the latest transactions.
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