- AmazonCEO Jeff Bezos sold more than $US3.1 billion worth of his company’s stock between Monday and Tuesday, according to new regulatory filings.
- The two-day selling spree surpassed the $US2.8 billion worth of Amazon shares he sold through all of 2019.
- Bezos’ latest sales also bring his 2020 total windfall to roughly $US7.2 billion. He still holds about 54 million shares, worth about $US173 billion as of Wednesday’s close.
- The sales arrive days after Amazon trounced second-quarter estimates and surged in Friday trading.
- Watch Amazon trade live here.
A spree of sales taking place from Monday to Tuesday saw the chief executive cash out exactly 1 million shares as part of a pre-established investing plan. The total windfall surpasses the $US2.8 billion worth of Amazon stock he sold throughout all of last year.
Bezos already offloaded roughly $US4.1 billion worth of shares earlier this year through his trading plan, leading this week’s latest sales to bring his total 2020 gains to $US7.2 billion. The CEO has plenty of shares should he want to keep up his selling streak. His holdings after the final Tuesday sale totaled 54 million shares, worth roughly $US173 billion at Wednesday’s close.
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The massive sum comes as Amazon trades near record highs, most recently surging on better-than-expected earnings. The company beat Wall Street’s second-quarter expectations for profits and revenue on July 30.
Sales of Amazon-branded items surged 49% from the year-ago period, and Amazon Web Services passed $US10 billion in quarterly revenue. The earnings beat further cemented Bezos’s e-commerce giant as one of the few companies thriving through the coronavirus pandemic.
Bezos previously hinted at how he plans to spend at least some of his stock profits. The CEO said in April he will sell roughly $US1 billion in shares a year to fund his space travel company Blue Origin.
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Amazon closed at $US3,205.03 per share on Wednesday, up about 74% year-to-date.
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