Economy

Jeff Bezos sells more than $1 billion in Amazon stock

Jeff Bezos sells more than $1 billion in Amazon stockā€

Amazon Chief Executive Jeff Bezos unloaded more than $1 billion in Amazon stock this week, his most valuable stock sale to date, after the online retailer's shares hit record highs.

Bezos previously sold about $1 billion in shares this past May. Buyers paid differing prices for the scrip, but most of it sold for a few dollars either side of US$1,100. A million dollars isn't what it once was - Bezos could become the world's first trillionaire in the next 25 years, according to this July article in CNBC. He's also in little danger of losing control of the company, as he still owns around 16 per cent of its shares.

The sales began shortly after a strong earnings report pushed Amazon's stock up by more than 8%.

The parents of Bezos oversee a foundation for education that gives modest amounts away.

They add it is not clear how Bezos plans on spending his mounting wealth.

In June, the CEO at Amazon did say that he wanted to be more involved in philanthropy by polling the world in a rare post on Twitter for ideas.

From one angle, Bezos' steady selloff of Amazon stock could simply be seen as part of the same sort of diversification strategy a typical investor might pursue, since the company is performing well.

Bezos said this past April that he sells "about $1 billion per year" of Amazon stock to help fund his Blue Origin space venture.

He sold Amazon stock worth $1.4 billion (pre-tax), last year, after selling $534 million and $351 million of stock 2015 and 2014 respectively.



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