Amazon founder Jeff Bezos intends to divest up to 50 million shares of Amazon stock over the next year, as revealed in a regulatory filing published on Friday.

At the current market value, these shares would be valued at nearly $8.6 billion.

The announcement of Bezos’ planned stock sale was included in Amazon’s annual report, which was released on Friday in compliance with a Securities and Exchange Commission requirement mandating such disclosures.

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The news coincided with the company’s report of a record-breaking holiday shopping quarter, driving Amazon’s shares up by approximately 8% on Friday.

Although Bezos, aged 60, stepped down from his role as CEO of the company he founded in 2021, he continues to serve as the chair of Amazon’s board.

Since relinquishing his day-to-day responsibilities at the helm of the e-commerce giant, Bezos has attracted attention primarily for his distinctive fashion choices, his relationship with fiancée Lauren Sanchez, and his space exploration endeavors through his private company, Blue Origin.

According to the annual report, Bezos has adopted a trading plan to sell up to 50 million shares of Amazon stock by January 31, 2025, contingent on certain conditions.

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The timing of Bezos’ decision to sell appears opportune. Amazon’s stock experienced a downturn in 2022 amidst fluctuations in pandemic-driven demand for e-commerce and broader economic uncertainties.

Current CEO Andy Jassy has since implemented aggressive cost-cutting strategies, including multiple rounds of significant layoffs affecting tens of thousands of employees, some of which have extended into this year.

However, Amazon’s stock has since staged a notable recovery, surging approximately 90% from its low of $84 per share in December 2022.

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Bezos’ recent relocation to Florida from Washington state may enable him to avoid state capital gains taxes on the proceeds from the stock sale, as Florida presently does not impose a capital gains tax.

In contrast, Washington state implemented a capital gains tax measure last year, as reported by the Seattle Times.