News emerged that Amazon (NASDAQ: AMZN) founder and CEO Jeff Bezos offloaded around $2.48 billion worth of the firm’s shares between May 3 and May 4, 2021. The transactions were confirmed by the Securities and Exchange Commission filings (1; 2; 3; 4; 5; 6; 7).
Bezos sold the 739,032 shares via a pre-arranged trading deal. With that sale, Bezos still accounts for more than 10% of the firm’s stock while retaining the top spot as the world’s richest man with a total net worth of around $193 billion.
Last year, Bezos sold nearly $10 billion worth of his Amazon stake in three batches in February, August, and November. The share sale is part of Jeff Bezo’s commitment to offload around $1 billion yearly to fund his other firm, Blue Origin. He said:
“My business model right now…for Blue Origin is I sell about $1 billion of Amazon stock a year, and I use it to invest in Blue Origin.”
Amazon Sustains Pandemic Gains With Expected Revenue Surge
This sale comes after Amazon emerged as one of the largest beneficiaries of the COVID-19 pandemic with its services becoming quite essential in managing the lockdown. The firm is expected to keep reaping the benefits from the pandemic, with this year’s revenue projected to surpass $500 billion.
In 2021, the firm posted $386 billion in revenue, an annual increase of around 38%. The pandemic has caused a major shift towards online shopping, and with the pandemic undertaking multiple waves, the company is bound to benefit further. Amazon shares rallied by 76% in 2021, as most people remained indoors for most of the year.
Despite Amazon holding the status as a majorly successful eCommerce platform, the firm still trails eBay’s workforce efficiency. eBay makes $811,024 revenue per employee, about thrice of Amazon’s $297,381. Interestingly, Alibaba revenue per employee stands at around $285,540 based on data acquired in 2021.
Earlier this year, Jeff Bezos said that he wants to step down as the firm’s CEO by the end of 2021. He will then shift his focus to his other entities, like Bezos Earth Fund, Blue Origin, and the Washington Post. Bezos is expected to hand over management reigns to AWS CEO Andy Jassy.