Jeff Bezos Offloads $737M In Amazon Shares As Lavish Venice Wedding Wraps

Amazon.com, Inc. (AMZN) founder Jeff Bezos has sold shares in the company worth $736.7 million, according to a financial filing on Tuesday.

Bezos, who stepped down as Amazon CEO in 2021 and is currently the chairman of the company's board, sold 3.3 million shares as part of a previously approved stock divestment plan.

Last year, Bezos sold stock worth $4 billion. He offloaded $2.5 billion worth of shares in 2021, shortly after stepping down as CEO. Bezos has reportedly used a part of those funds to fund his rocket company, Blue Origin.

Share sales by top executives and insiders are often viewed as a bearish signal, potentially indicating limited confidence in the company’s near-term stock performance.

Bezos' latest sale comes as he and his girlfriend, Lauren Sanchez, tied the knot last week in a lavish wedding in Venice, Italy. The three-day celebration is estimated to have cost around $50 million.

On Stocktwits, the retail sentiment for Amazon was 'bullish,' and the message volume was 'high.' AMZN shares are up 0.5% year-to-date.

A user highlighted potential activity in the stock as the company approaches its key Prime Day sale event, which begins on July 8.

Bezos founded Amazon in 1994 as an online bookstore, which has today become the world's largest e-commerce and cloud computing services company. 

With a $2 trillion market capitalization, Amazon is the fourth-most-valued public company in the world. Bezos is ranked third in Bloomberg’s Billionaires Index with a net worth of about $240 billion.

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