Market Overview

Jeff Bezos Sells $1.8B Worth Of Amazon Stock

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Jeff Bezos Sells $1.8B Worth Of Amazon Stock

Amazon.com (NASDAQ: AMZN) CEO Jeff Bezos has sold Amazon stock worth $1.84 billion, according to the SEC filings.

What Happened

Bezos sold 905,456 shares of Amazon on Friday and Monday. The sale happened after the company declared better than expected earnings on Thursday. Revenue also beat estimates at $86.02 billion higher by 1.6%.

The transactions made by Bezos were a pre-arranged 10b5-1 trading plan, according to CNBC, which also said that he still owns nearly 57 million Amazon shares, or roughly 12% of the company.

Why It Matters

In 2017, Bezos had announced that he would sell $1 billion worth of Amazon shares each year to fund Blue Origin, a rocket company that aims to send paying passengers into space on 11-minute journeys.

What Else Is There

Bezos has already set in motion an initiative called the ‘Day One Fund,’ which covers his philanthropic efforts. It was announced in 2018 with a $2 billion kitty. The mandate of the Day One Fund is to support homeless families and create preschools. In August 2019, when Bezos sold $3 billion worth of Amazon shares, it was speculated that some of the proceeds would go towards his Day One efforts.

Price Action

Amazon shares traded 2.27% higher at $2,049.67 on Tuesday.

Photo Credit: Public domain photo via Wikimedia.

Posted-In: Amazon Blue OriginNews Management Insider Trades SEC Tech Media Best of Benzinga

 

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