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Mr. Jeff Bezos, CEO of Amazon Sold Stock Worth of Around 2.8 USD Bn in The Last Week


Mr. Jeff Bezos, CEO of Amazon Sold Stock Worth of Around 2.8 USD Bn in The Last Week

Mr. Jeff Bezos, CEO of Amazon Sold Stock Worth of Around 2.8 USD Bn in The Last Week

According to new regulatory filings with US Securities and Exchange Commission shows that on last Thursday and Friday, CEO of Amazon.com, Inc. Mr. Jeff Bezos offloaded 990 US$ Mn worth of company shares. Additionally, he sold 1.8 US$ Bn worth of shares on the last three days of July. He is cashing out the company shares at a dazzling pace. In total, he sold around 2.8 US$ worth of company shares in the last week. Bezos is one of the richest people in the world with a fortune still valued around 110 US$ Bn. Mr. Bezos still owns more than 57 Mn shares of the company. Mrs. MacKenzie Bezos, the ex-wife of Jeff Bezos is now the second-largest shareholder in Amazon with more than 37 US$ Bn worth of shares. She is also the founder of Bystander Revolution which is an anti-bullying organization. She serves as executive director of the anti-bullying organization.

Earlier, Bezos said that he would sell 1 US$ Bn worth of company shares each year in order to fund Blue Origin, LLC which a US-based company. This is his privately funded aerospace manufacturer and sub-orbital spaceflight services company. According to the filings, the transactions took place due to the previously announced rule 10b5-1 trading plan. A spokesperson from Amazon declined to give a statement on the latest sales. Bezos in an interview with Mathias Döpfner, CEO of Axel Springer SE and Alyson Shontell, Editor-in-chief of Business Insider which was published by Business Insider last year, said that the only way to deploy in his aerospace company was by converting the financial lottery winnings of Amazon.

Bezos did not provide any explanation on why he accelerated stock sales. He launched “Bezos Day One Fund” and is deploying fund for it which was announced in 2018. The organization with a commitment of 2 US$ Bn focuses on to help homeless families and create preschools in communities having low-income. According to the regulatory filings, Bezos sold more than 530,000 shares of Amazon in two separate sales. This was at a price of around 1,850 US$ per share which was closed at 1,765 US$ per share on Monday.

Kevin Kirkwood

Kevin has worked as a business executive in an insurance firm before joining Janmorgan Media as the major business correspondent. After joining here, he has helped craft not only some of the insightful articles but also regular articles that don’t compromise perspective. If not checking out business publications or news, you can see her listening to music.

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