Jeff Bezos Offloads Over $2 Billion in Amazon Stock: Federal Filing Reveals Massive Share Sale

Quincy Jon, Tech Times 11 February 2024, 03:02 pm

In an SEC filing, Amazon executive chairman Jeff Bezos announced the sale of roughly 12 million shares for over $2 billion.

Jeff Bezos informed the US Securities and Exchange Commission of the sale of 11,997,698 common stock on Feb. 7 and 8. In a separate SEC filing on Feb. 7, Bezos offered to sell 50 million Amazon shares, with an approximate market worth of $8.4 billion, according to a report from AP News.

(Photo : MANDEL NGAN/AFP via Getty Images)Blue Origin founder Jeff Bezos speaks after receiving the 2019 International Astronautical Federation (IAF) Excellence in Industry Award during the the 70th International Astronautical Congress at the Walter E. Washington Convention Center in Washington, DC on October 22, 2019.

After stepping down as Amazon's CEO in 2021, Bezos has focused on the spaceflight company Blue Origin and philanthropy. In 2022, the tech mogul donated $12.8 billion, and his mother, Jacklyn Bezos, and her husband, Miguel, donated $710 million to Seattle's Fred Hutchinson Cancer Center.

In November 2023, his fund announced $117 million in additional awards to groups throughout the U.S. and Puerto Rico. In 2018, the Amazon founder pledged $2 billion to help homeless families and operate free preschools.

While his stock filings indicate Seattle as his address, reports suggest he has relocated to Miami. Forbes estimates Bezos' current fortune at $195.5 billion, securing his position as the third wealthiest individual globally, trailing behind Bernard Arnault and Elon Musk.

Amazon Layoffs Continue

This news on Jeff Bezos follows reports of workforce reductions within Amazon Health Services. An internal memo from Neil Lindsay, Senior Vice President of Amazon Health Services, revealed layoffs affecting "a few hundred roles" in the One Medical chain and Amazon Pharmacy, per Forbes. The majority of the workforce reduction will affect One Medical, which Amazon acquired for $3.9 billion in February of the previous year.

Lindsay emphasized that this strategic reallocation of resources is part of Amazon's broader initiative to invest in "invention and experiences," aiming to enhance benefits for customers and members directly. Amazon's healthcare businesses, including the Amazon Clinic, have reported significant growth, boasting a "96% customer satisfaction rating." The affected employees will receive financial support, benefit continuation, and career assistance during the transition, with opportunities to apply for new roles within the organization.

In January, Amazon initiated significant job cuts affecting its studio division and subsidiary, Twitch. The popular video-streaming platform reduced its workforce to around 500 roles, constituting 35 percent of its employees, as detailed in a blog post on the company's website. Additionally, Prime Video and Amazon MGM Studios implemented job cuts, per The New York Times.

AI Changing the Tech Landscape

Amazon implemented its most substantial workforce last month, terminating 18,000 employees. The majority of the job cuts occurred in the Amazon Stores, People Experience, and Technology Solutions divisions. The recent job cuts collectively contribute to Amazon's broader workforce reductions since late 2022. This strategic effort aims to streamline operations and recover from pandemic-induced challenges, reflecting Amazon's commitment to optimizing its operations in the ever-evolving tech landscape.

TechTimes previously reported that January 2024 witnessed a spike in tech layoffs, totaling 30,995, though significantly lower than the 89,709 reported in January 2023. Kevin O'Marah, co-founder of Zero100, a community research platform focused on achieving zero carbon, explained that the job cuts across the tech industry are beyond cost control as companies are strategically preparing for the AI era. This involves laying the groundwork for a revolutionary shift in work processes.

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