Bezos Cashing Out His Amazon Stock at a Dizzying Pace (AMZN)

Jeff Bezos

New regulatory filings with the Securities and Exchange Commission (SEC) show Amazon CEO Jeff Bezos offloading nearly $1 billion worth of Amazon stock (NASDAQ:AMZN) last Thursday and Friday, after cashing in $1.8 billion earlier last week. That means Bezos has sold roughly $2.8 billion worth of Amazon shares in the past week, making FY2019 his biggest-ever in terms of cash withdrawal from Amazon stock.

Bezos, who still owns over 57 million Amazon shares valued at about $100 billion, had previously announced plans to sell AMZN stock worth about $1 billion each year to fund his cash-burning space exploration company, Blue Origin. However, the world’s richest person hasn’t provided an explanation as to why he’s cashing out his Amazon equities at an unusual and somewhat accelerated pace.

According to the SEC filings, Bezos offloaded 532,120 Amazon shares on two separate trades at a price of about $1,850/share.

Stock Action

Shares of the e-commerce giant are up 17 points, or 0.96%, in pre-market hours trading Tuesday. AMZN closed down 58 points, or 3.19%, to $1,765.13 during the regular session.

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About Ari Haruni 137 Articles
Ari Haruni is the Co-Founder & CEO of Wall Street Pit.

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