Jeff Bezos sells 1 million shares of Amazon worth over $3 billion

TBILISI(BPI)- This is the third time in 2020 that Bezos had sold Amazon shares, in transactions totalling more than $10 billion, lowering his stake in the company 10.6 percent.

Amazon founder Jeff Bezos sold over $3 billion worth of shares in the company, according to media reports citing regulatory filings.

Bezos this week sold 1 million shares, or 1.8 percent of his stake in the ecommerce giant, Forbes reported citing documents filed with the Securities and Exchange Commission (SEC).

According to the report, the transactions were made on November 2 and 3, and the buyer of the shares was not specified. After deducting taxes, Bezos is estimated to receive $2.3 billion.

Bezos remains the world’s richest person after selling some if his stock in Amazon, with Forbes pegging his net worth of $189.6 billion.

 

This is the third time in 2020 that the billionaire had sold Amazon shares, in transactions totalling more than $10 billion, lowering his stake in the company 10.6 percent.

In February and August, Bezos sold Amazon shares worth more than $4 billion and $3.1 billion respectively.

The transaction was part of a pre-arranged plan to sell Amazon shares in accordance with insider trading laws.

According to a report by The Atlantic, Bezos plans on giving $100 million each to four environmental groups – the Nature Conservancy, the Environmental Defense Fund, the Natural Resources Defense Council, and the World Wildlife Fund.

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