Jeff Bezos has Sold Stock Worth of Around US$ 2.8 Billion in The Last Week

Jeff Bezos has Sold Stock Worth of Around US$ 2.8 Billion in The Last Week

Business

Amazon CEO Jeff Bezos has cashed out his company’s shares at an amazing price. Last weekend, Mr. Bezos has sold Amazon’s shares, having a value of $990 million. Latest filings with the US SEC reveal the executive has emptied stock valued $1.8 billion in July’s last week. All in all, Mr. Bezos, the richest man across the globe, has sold around $2.8 billion amounting stock in the previous week. As per the filings, the executive has made the transactions as a part of the prescheduled 10b5-2 trading deal. An Amazon representative has denied commenting on the recent sale of the retail giant.

The filings also reveal Bezos has sold over 530,000 shares on two individual sales at a rate of $1,850 each. Still, the Amazon founder possesses around 57 million shares, which account for up to 12% of the company. On the other hand, Mrs. MacKenzie Bezos, the ex-wife of Jeff Bezos is now the second-largest shareholder in Amazon. She secures more than 37 US$ Bn worth of Amazon shares. MacKenzie is the founder and executive director of Bystander Revolution, too; it is an anti-bullying organization.

Earlier, Mr. Bezos had stated that he would sell US$ 1 Bn worth of company shares every year to fund Blue Origin. It is a space exploration company of Mr. Bezos, which is an aerospace manufacturer. Apart from this, blue Origin is a sub-orbital spaceflight Washington-headquartered organization. Well, he has not offered any details of the move to step up stock sales. Mr. Bezos has also launched “Day One Fund”, announced last year. The organization with a commitment of US$ 2 Bn focuses on helping homeless families. Even more, it has a prime target to develop pre-schools for communities having low-income. Last year, the fund had offered funding roughly around $98 billion to two dozens of organizations. The Seattle and Simpson Housing Services and Seattle’s Refugee Women’s Alliance are two of the 24 agencies who had gained the financial support from Mr. Bezos fund.