Amazon chief Jeff Bezos cashes in $1 billion in inventory

The Amazon founder, the richest individual on the earth after his firm’s shares hit report highs lately, bought 1,000,000 shares this week as a part of a preset buying and selling plan.

Matt Day

By

Seattle Times know-how reporter

Amazon Chief Executive Jeff Bezos unloaded greater than $1 billion in Amazon inventory this week, his most dear inventory sale to this point, after the net retailer’s shares hit report highs.

The sale, carried out over the past three days as a part of a preset buying and selling plan, noticed the world’s richest man promote 1 million shares within the firm he based, netting $1.09 billion.

Amazon’s inventory soared to report highs late final week after an upbeat quarterly earnings report, catapulting Bezos forward of his Medina neighbor Bill Gates because the world’s wealthiest individual.

The Amazon founder has been promoting inventory at a daily clip partly to fund his different ambitions. He mentioned final yr that he bought about $1 billion in inventory a yr to fund Blue Origin, his Kent-based area firm. Since early 2008, Bezos has bought Amazon shares valued at $6.eight billion, in response to S&P Global Market Intelligence.

After this week’s sale, his stake in Amazon totaled 78.eight million shares, or about 16 % of the corporate.

Amazon shares on Friday closed up 1.6 % at $1,111.60, making his stake price $87.7 billion.


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