2024-02-04 17:45:00
The founder of the retail giant Amazon AMAZON +7.87% Close:0 Open:169 High:172.5 Low:167.33 Turnover:– Page Quote News Graphs Company Profile Recommendations More articles on the subject: , Jeff Bezos, reported to the Securities and Exchange Commission that he plans to sell shares Amazon worth up to 8.6 billion dollars, after two years in which he did not sell any shares of the company. It is about 50,000,000 shares that will be sold over a period ending on January 31, 2025.
Sale plans are often used by interested parties to sell or buy shares in a way that does not imply any internal activity taking place in the company. An interested party is considered a person or entity that owns more than 5% of the share capital or voting power in a particular company. In addition, interested parties are people who are often in various positions of power, such as directors and CEOs. Interested parties have an obligation to report their movements. The interested parties determine in advance the various parameters such as the sale price and number of shares and the action is carried out automatically when the conditions are met.
Bezos has not sold shares of the retail giant since November 2021. Amazon reported after-hours results for the quarter on Thursday that beat analysts’ expectations and pushed the stock up 7.5% during trading last Friday. We will soon know whether other stakeholders have decided to take profits following the jump, when they usually have two business days to report trades.
The billionaire founded Amazon in 1994, initially as an online bookstore. In 2021, he stepped down from the position of CEO in order to concentrate on other initiatives such as the environmental fund he founded and his space company Blue Origin, in addition to the Washington Post newspaper he owns and became the chairman of Amazon when the head of AWS cloud services – Andy Jessee – stepped into his shoes. Bezos has served as CEO of the company since he founded it, and during this time transformed the company from an online bookstore to one of the largest technology companies in the world. The billionaire is currently ranked as the third richest person in the world with an estimated fortune of 194 billion dollars.
Bezos’ fortune
The founder of Amazon announced in 2022 that he plans to donate most of his fortune, something his ex-wife is already doing in March. The billionaire refused to provide details regarding where and how much he is expected to donate, saying that “the hard part is figuring out how to do it in a leveraged way”, implying that although he intends to donate a significant portion of his fortune, he is still looking to maximize the return on it. “It’s not easy. Building Amazon wasn’t easy. It took a lot of hard work, very smart team members, hard-working team members, and I find — and I think Lauren agrees with me on this — that charity, philanthropy, is a lot like that. There are many paths that lead to things Inefficient. So you have to think about it carefully and you have to have brilliant people on the team.”
Bezos’ ex-wife, Mackenzie Scott, received 4% of Amazon as part of the divorce agreement and her fortune is currently estimated at more than 37 billion dollars. Scott signed a promise to donate most of her money to various philanthropic causes and is already working to fulfill the promise. Throughout the year 2023, Scott sold a quarter of the Amazon shares in her possession, worth more than 10 billion dollars. In total, Scott’s total realization reaches about 18 billion dollars. Today, she holds a 2% stake in the company.
The latest reports
In its reports for the fourth quarter, Amazon recorded earnings per share of $1 on revenues of $169.96 billion. Wall Street was expecting earnings per share of 81 cents on revenue of $166.04 billion. Revenues grew by 13.9% year over year. In its forecast, the company expects revenues of 138-143.5 billion dollars for the first quarter of 2024, while the expectation was for 142.1 billion dollars.
Revenues from AWS stood at 24.2 billion, while the expectation was for 24.22 billion dollars. Operating profit grew to $13.2 billion in the last quarter, compared to $2.7 billion in the corresponding quarter last year. Amazon also announced an AI shopping assistant called Rufus that launched in beta.
“The fourth quarter was a record-breaking shopping season for Amazon,” said the company’s CEO, Andy Jesse. “While we made significant revenues, operating profits and progress in free cash flow, the thing we are most pleased with is the continued innovation and improvement of the customer experience in our businesses. AWS’ continued focus on customers and adding new features, in addition to new AI capabilities like Bedrock, Q and Trainium has started to show in our overall results.”
The retail giant and the manufacturer of vacuum cleaners AerobotIRBT), announced last week that they will stop the merger plans following the opposition of the regulators in the European Union. Amazon said the $1.4 billion acquisition of AirRobot has no way of getting approval from EU regulators. Earlier this month it was reported that the deal is likely to be blocked by regulators following concerns that Amazon could thwart competitors in the online market, especially in France, Germany, Italy and Spain. The retail giant announced the deal back in August 2022, which aimed to expand its line of smart home devices. According to the terms of the merger agreement, Amazon will pay Aerobot a termination fee of $94 million
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