Jeff Bezos cashes in $2bn in Amazon stock marking first major sell-off of 2020

Amazon’s founder and chief executive Jeff Bezos has sold off around $2 billion in company stock, and reportedly has plans to sell off billions more this year.

Bezos, who still owns around 10 per cent of Amazon, is understood to have sold off nearly $1.3 billion of stock on Monday and around another $700 million on Tuesday.

According to the US Securities and Exchange Commission (SEC) Bezos has sold off around 739,000 Amazon shares this week under a pre-arranged trading plan.

Separate filings suggest Bezos, who is currently the world’s richest man with a net worth of $191 billion, plans to sell up to 2 million shares in the company.

READ MORE: Amazon enters “golden age” as Q1 sales smash estimates rising 44%

The sell off comes just days after Amazon revealed its financial figures for the first quarter, seeing sales jump 44 per cent to over $100 billion.

Bezos, who is due to step down from his role as chief executive later this year, has increased the rate of sell offs in recent years, cashing in some $7 billion last year.

He has previously stated that he would use around $1 billion a year from his Amazon stock to fund his space project Blue Origin, alongside investments in his charity the Day One Fund and the Bezos Earth Fund.

Click here to sign up to Charged’s free daily email newsletter



Leave a Reply

Your email address will not be published. Required fields are marked *

Fill out this field
Fill out this field
Please enter a valid email address.