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AMZN stock price: Jeff Bezos sells more than $3 billion in Amazon stocks

Nov 3, 2024
3 min read
Table of Contents
  • 1. Jeff Bezos Sells Over $3 Billion in Amazon Shares
  • 2. Amazon’s Strong Market Performance Boosts Bezos’s Wealth
  • 3. Amazon shares jump 6% after earnings beat

bezos-width-1200-format-jpeg.jpg

Jeff Bezos sold $3 billion in Amazon stocks, bringing his total sales in 2024 to over $13 billion. With a net worth of $222 billion, he is now the second richest person in the world.
 


Jeff Bezos Sells Over $3 Billion in Amazon Shares


Amazon founder Jeff Bezos has sold over $3 billion in Amazon shares, as reported in a regulatory filing released on Friday. This brings his total sales of Amazon stock in 2024 to more than $13 billion.

Bezos sold over 16 million shares as Amazon's stock neared $200 per share, a level it reached in July when he also sold shares. This marked the stock's highest price since Amazon's debut on NASDAQ in 1997, according to Geek Wire.

The sale comes after Amazon's robust third-quarter earnings report, which surpassed expectations.

With a net worth of $222 billion, Bezos is ranked as the second-richest person on the Bloomberg Billionaires Index, having gained $42.8 billion year-over-year thanks to Amazon's stock performance. Elon Musk remains in the top spot.

As of February, Bezos owned approximately 10.8% of Amazon's outstanding shares.
 


Amazon’s Strong Market Performance Boosts Bezos’s Wealth


Fueled by a rally in Amazon's stock, Bezos's net worth has risen by $42.8 billion year-over-year, placing him second on the Bloomberg Billionaires Index with a total valuation of $220 billion. He ranks just below Elon Musk and ahead of Meta's Mark Zuckerberg.

With a net worth of $220 billion, Bezos currently ranks second on the Bloomberg Billionaires Index, positioned between Tesla CEO Elon Musk, valued at $262 billion, and Meta CEO Mark Zuckerberg, whose fortune is at $201 billion (as of November 3rd).

Bezos retains a substantial stake in Amazon, with a February 2024 proxy statement showing he controls approximately 10.8% of the company's outstanding shares. Although he stepped down as CEO in 2021, he remains the chairman, while increasingly focusing on his other ventures.
 


Amazon shares jump 6% after earnings beat


source: tradingview

Amazon shares surged 6% on Friday after the company reported earnings that exceeded expectations, fueled by growth in its cloud computing and advertising sectors.

The stock is up about 32% for the year and briefly reached $200.50 on Friday, nearing an all-time high. Its highest closing price was $200, a level it hit twice in July. The stock closed at $197.93 on Friday.

Revenue for the quarter rose 11% to $158.9 billion, surpassing the $157.2 billion estimate from analysts surveyed by LSEG. Earnings came in at $1.43, exceeding the average analyst estimate of $1.14.

Sales in Amazon Web Services (AWS) grew 19% to $27.4 billion, slightly missing analysts’ forecasts, according to StreetAccount. This marks an acceleration from 12% growth a year ago, but it lagged behind competitors Microsoft and Google, where cloud revenue increased by 33% and 35%, respectively. Microsoft’s Azure numbers include other cloud services.

Amazon’s capital expenditures skyrocketed 81% year-over-year to $22.62 billion as the company continues to invest in data centers and equipment, such as Nvidia processors, to support its artificial intelligence initiatives. Amazon has launched several AI products across its cloud and e-commerce platforms, and it is also expected to announce a new version of its Alexa voice assistant powered by generative AI.
 


Risk Warning: this article represents only the author’s views and is for reference only. It does not constitute investment advice or financial guidance, nor does it represent the stance of the Markets.com platform.When considering shares, indices, forex (foreign exchange) and commodities for trading and price predictions, remember that trading CFDs involves a significant degree of risk and could result in capital loss.Past performance is not indicative of any future results. This information is provided for informative purposes only and should not be construed to be investment advice. Trading cryptocurrency CFDs and spread bets is restricted for all UK retail clients. 

Frances Wang
Written by
Frances Wang
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Table of Contents
  • 1. Jeff Bezos Sells Over $3 Billion in Amazon Shares
  • 2. Amazon’s Strong Market Performance Boosts Bezos’s Wealth
  • 3. Amazon shares jump 6% after earnings beat

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