Why Jeff Bezos just sold $1.8 billion worth of Amazon stock?
Jeff Bezos has sold more than $1.8 billion worth of stock, as Jeff continues to sell his Amazon stake to fund his space company, Blue Origin. Jeff has sold large chunks of Amazon stock before, but this appears to be the largest sale to date, measured in dollars.
The Amazon CEO offloaded roughly 960,000 shares, each worth around $1,900 on Wednesday, according to the company's regulatory filings. Bezos sold the stake after Amazon reported weaker-than-expected profits in its quarterly earnings. Amazon's stock is up 25% for the year.
Whereas his worth is $117 billion.
Bezos has pledged to sell more than $1 billion this year as Blue Origin gets closer to commercial operations. Earlier this year, Bezos’s divorce settlement had MacKenzie Bezos receiving 25% of their jointly held Amazon stock, or 4% of the shares outstanding. At the time, that made MacKenzie the fourth wealthiest woman in the world, according to the Bloomberg Billionaires Index.
Bezos has lofty expectations for Blue Origin. He unveiled a new rocket engine and a mockup of a lunar lander to use for shuttle cargo in May. He also said he wants to build giant orbital structures that could host self-sustaining colonies. It's also close to selling tickets to send people to space.
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