Jeff Bezos Plans to Sell $4.07 Billion Worth of Amazon Stock as Shares Shoot Up Over 20% After Earnings: Jim Cramer Calls it 'Buzzkill'
Amazon.com, Inc.(NASDAQ:AMZN)founder and executive chairmanJeff Bezos is planning to sell up to 15 million Amazon shares worth approximately $4.07 billion.
Bezos’ Amazon Stock Sale Is Tied to a Prearranged Trading Plan
A Form 144 filing submitted to the Securities and Exchange Commission on Monday showed that Bezos intends to sell 15 million shares of Amazon common stock through Morgan Stanley Smith Barney LLC.
The proposed transaction was valued at approximately $4.07 billion based on the market value listed in the filing. The shares represent a small portion of Amazon’s more than 10.78 billion shares outstanding.
Bezos acquired the shares on July 5, 1994, as founder stock through Amazon’s original issuance. The filing listed the nature of payment as “Founder Stock.”
The filing also stated that Bezos had no reportable sales of Amazon securities during the previous three months. It noted that he contributed 220,200 shares to nonprofit organizations on May 4, which may have subsequently been sold.
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Jim Cramer Calls Bezos’ $4 Billion Sale a ‘Buzzkill’
CNBC host Jim Cramer reacted to the filing in a post on X, writing, “Cant begrudge Bezos for selling $4 billion shares…but what a buzzkill.”
Amazon Earnings Beat Expectations
Last month, Amazon reported second-quarter revenue of $200.61 billion, surpassing the consensus estimate of $196.46 billion. The company also posted earnings of $5.75 per share, well above analysts’ expectations of $1.82 per share.
Looking ahead, Amazon forecast third-quarter revenue of between $197 billion and $202 billion, below the consensus estimate of $204.08 billion. The company expects third-quarter operating income to range from $22.5 billion to $26.5 billion, compared with $17.4 billion in the same quarter last year.
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Amazon stock has climbed 20.60% since the company reported its earnings.
Price Action: Amazon shares closed at $284.02 on Monday, up 4.58% for the day, while the stock has gained 16.33% over the past month and 25.40% year to date, according to Benzinga Pro.
Benzinga Edge Rankings ranks Amazon in the 88th percentile for Growth, with the stock maintaining a positive price trend across the short-, medium-, and long-term periods.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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This article Jeff Bezos Plans to Sell $4.07 Billion Worth of Amazon Stock as Shares Shoot Up Over 20% After Earnings: Jim Cramer Calls it 'Buzzkill' originally appeared on Benzinga.com
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