According to filings with the U.S. Securities and Exchange Commission, Amazon Chief Executive Officer Jeff Bezos sold $3 billion worth of shares of the retail giant on Wednesday.
According to Bezos’ beneficial ownership filings, the Amazon founder sold approximately one million shares of his company over the course of Monday and Tuesday. This move is believed to be part of Amazon’s 10b5-1 trading plan, which encourages company employees to sell Amazon shares to outsiders.
This is the latest in a series of stock sales by Bezos. In January and February, the CEO sold $4.1 billion in shares, while in August he sold off a further billion dollars’ worth. Over the course of 2020, Bezos has sold off shares in excess of $10 billion.
Bezos’ decision to sell off shares is believed to be about a whole lot more than short-term revenue. The income gained from these sales is also expected to be used towards funding Blue Origin LLC—the aerospace equipment manufacturing company that Bezos founded in 2000.
Following Bezos’ latest transactions, Amazon (AMZN) shares have risen by 6.32% to the value of $3,241.16.
