Amazon CEO Jeff Bezos Has Sold More Than $3 Billion Of Amazon Shares
Jeff Bezos has sold significantly more shares of Amazon than last year, despite a positive year of growth for the company. However, there may be a good reason for the world’s richest person to begin selling off shares.
Amazon has had record profits this year as the world has increasingly relied on online shopping increasingly amid the COVID-19 pandemic.
Despite the value of the company seemingly becoming more prevalent, CEO Jeff Bezos is selling off shares. In August, Bezos sold $3.1 billion shares, which means the CEO has offloaded a total of $10.2 billion in shares so far this year. This is a dramatic increase when compared to 2019, when Bezos sold off shares worth a total of $2.8 billion.
There are many reasons why Bezos may be choosing this time to sell shares. The CEO may believe that, with the increased value seen in Amazon, this is the ideal time to sell. Equally, it may be about investing in other ventures to diversify his income and interests.
Bezos sells $1 million of Amazon stock every year to put towards his rocket start-up, Blue Origin, so this has likely been a factor in the sale. The CEO also runs several other projects that may be the recipients of the money from sold shares. Earlier this year Bezos committed to beginning a $10 billion Earth Fund to address climate change. On top of that, he is also pledging $100 million each to the Nature Conservancy, the Environmental Defense Fund, the Natural Resources Defense Council and the World Wildlife Fund.
Safe to say, Bezos has plenty of ways to spend his shares in Amazon. Even though the sold shares add up to an incredible amount, the CEO still owns 53 million shares worth close to $170 billion. Therefore, the selling of the shares may not mean too much to the billionaire.
With that in mind, Bezos may just be treating himself this year.
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