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Jeff Bezos sold about $350M in Amazon shares under a 10b5-1 plan
The sale was executed under a pre-set Rule 10b5-1 trading schedule, and Bezos still holds an 8.16% stake after selling.
Reports that Jeff Bezos filed to sell about $350 million of Amazon.com shares triggered concern among some investors, but the details point to a routine transaction rather than a signal about the company’s prospects, according to MarketBeat Ratings.
MarketBeat Ratings said the sale was carried out under a Rule 10b5-1 trading plan, which is set up in advance and automatically directs a broker to sell a predetermined amount on a fixed schedule regardless of what the insider thinks of the stock price at the time.
The outlet also noted Bezos has been selling Amazon stock for years, with tens of billions of dollars sold over the past half-decade, and that the recent sale does not change his position as the company’s largest shareholder.
After the filing and sale activity, Bezos retains an 8.16% stake, and the reported timing coincided with Amazon stock hitting a record high and crossing $3 trillion in valuation around the period of well-received quarterly results, MarketBeat Ratings added.