Amazon CEO Jeff Bezos has sold another $1.7 billion of his own stock, accumulating about $6.7 billion worth of Amazon holdings over the month.
According to the SEC filing, Bezos sold 521,936 shares under a pre-arranged trading plan, bringing his total to 2 million shares sold since May. Bezos said in the filing last week that he plans to execute multiple sales of a comparable number of holdings.
Bezos, who is the world’s richest man, still holds about 10 percent of Amazon stock, the largest source of his $188 billion fortune, according to the Bloomberg Billionaires Index.
Amazon stock jumped 76% last year, reflecting the positive factors brought about by many people switching to e-commerce shopping, but with inflation concerns causing investors to pull their money out of technology stocks, Amazon shares have fallen 7% since the end of April this year.
From Amazon in 1997 after the listing of 15 years, Bezos sold about one-fifth of Amazon shares, gaining about $ 2 billion, but in recent years, with Amazon shares soaring, Bezos now just sell a relatively small amount of stock, you can get billions of dollars in revenue. Bezos sold more than $10 billion worth of stock last year.
Bezos has been using the proceeds from the sale to fund his rocket company Blue Origin, while pledging $10 billion in funding to the “Bezos Earth Foundation” to help fight climate change. But Bezos is also heavily invested in building one of the world’s largest superyachts, and has been interested in buying luxury homes.