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Jeff Bezos sells over $3.1bn in Amazon shares
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IANS | 06 Aug, 2020
Amazon Founder and CEO Jeff Bezos has sold over $3.1 billion worth of
the company's shares this week, according to documents filed with the US
Securities and Exchange Commission (SEC).
Following tax deductions, the world's richest man will take home an estimated $2.4 billion, Forbes reported on Wednesday.
While
the reason behind the current share sales is not known, Bezos had
earlier said he would be selling $1 billion worth of Amazon shares every
year to fund Blue Origin, his space exploration company.
According
to the filings, the latest share sales, which bring the Amazon CEO's
total cash out in 2020 to a little over $7.2 billion so far, were part
of a prearranged 10b5-1 trading plan, CNBC reported.
This is a quite a huge number compared to the $2.8 billion worth of shares sold by him in 2019.
The Amazon CEO still holds more than 54 million shares.
Amazon
reported solid second quarter results last week, registering a 40 per
cent increase in net sales to $88.9 billion, compared with $63.4 billion
in the same period last year.
Bezos, along with Facebook CEO
Mark Zuckerberg, SundarPichai of Google and Tim Cook of Apple, appeared
in a US Congress panel hearing into their companies' anti-competition
practices barely a week ago.
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