Jeff Bezos sold 15 million Amazon shares for $4.07 billion after the stock hit a record peak on Monday, according to securities filings. The Amazon founder sold part of his founder shares through the financial firm Morgan Stanley.
( EFE/EPA/MATIAS BASUALDO )
Bezos, who stepped down as chief executive of Amazon, now focuses on his space exploration company Blue Origin and philanthropic projects. He is currently ranked as the third richest man in the world.
While tech founders often unload stock through pre-scheduled trading programs regardless of share price movements, filings with the U.S. Securities and Exchange Commission indicate this specific transaction was deliberate. The documents also show that Bezos donated 220,200 shares on May 4 to non-profit organizations, which may have sold those shares since the donation.
Financial performance and stock impact
The share sale came after Amazon surpassed a market capitalization of $3 trillion yesterday. The company was propelled by strong second-quarter financial results that beat market expectations, reporting a profit of $62.647 billion, which represents a 244% year-on-year increase. Revenue for the quarter rose 20% to $200.606 billion.
Following news of the share sale, Amazon stock dropped 1.8% during trading. Over the past year, the company has seen its market value grow by 30% overall.
