|

Jeff Bezos keeps Amazon voting power in divorce settlement

News Service
10:09 - 5/04/2019 Friday
Update: 10:11 - 5/04/2019 Friday
REUTERS
Jeff Bezos, president and CEO of Amazon
Jeff Bezos, president and CEO of Amazon

"INFLUENCE WOULD BE THE SAME"

Amazon, the world's biggest online retailer, said in the filing that 4 percent of its outstanding shares would be registered in MacKenzie Bezos' name after court approval of the divorce, which is expected to occur in about 90 days.

The petition for divorce was filed in Washington state, a person familiar with the matter said.

Jeff Bezos, whom Amazon listed in its most recent proxy statement as its single largest shareholder with a 16.3 percent stake, will keep sole voting authority over the shares unless MacKenzie donates them to a nonprofit or sells them in the open market.

Amazon shares closed down 0.1 percent at $1,818.86.

Jeff Bezos, 55, is seen as essential to Amazon's meteoric growth and stock price rise since he founded the company as an online bookseller in 1994. He has credited MacKenzie, 48, for her support when he uprooted the young couple to Seattle from New York to launch Amazon.

"When I think about Amazon, and the influence Bezos has on Amazon, I would argue his influence would be the same if he had 51 percent shares outstanding or 1 percent. I think his influence is dictated by his vision for Amazon," D.A. Davidson analyst Tom Forte said.

MacKenzie Bezos' stake in Amazon is worth more than the market values of nearly 70 percent of the components of the S&P 500.

The settlement suggests that Amazon will be spared the kind of boardroom battle that has plagued other companies whose owners are dealing with family rifts, even though the divorce had jolted the once-private Bezos couple into the public spotlight.

Jeff Bezos re-tweeted MacKenzie's statement and added in a separate post that he was grateful "for her support and for her kindness in this process."

Liat Sadler, a San Francisco matrimonial lawyer, said the settlement should put investors at ease.

“They’ve done a lot of work behind the scenes to make their breakup as amicable as it seems,” she said. Still, Sadler added, "Without knowing what cash she received, I have no idea how favorable it was to him or not."

The day the couple announced their separation on Twitter, the National Enquirer promised to reveal an affair by Jeff Bezos that it claimed had ended their marriage, contrary to the couple's statement that they were on a "long period of loving exploration and trial separation."

The U.S. tabloid then published alleged photos and intimate text messages between Bezos and his new partner, former television news anchor Lauren Sanchez.

#Jeff Bezos
#Amazon
5 years ago