Bezos Sells off a record $757 Million of Amazon
was hard to imagine life getting better for longtime Trekkie Jeff Bezos than when he made his Hollywood debut in the latest Star Trek movie last month. But that was before he went and sold 1 million Amazon shares last week for $757 million, according to a regulatory filing, a record amount for the founder and C.E.O.
Being a multi-billionaire on paper is nice, but cash on hand is nicer. As it happens, in the last three months alone, Bezos has cashed in on $1.4 billion worth of Amazon shares, including the 1 million shares he offloaded for $671 million in May. Both sales occurred just after Amazon reported strong quarterly results that beat Wall Street expectations and boosted the e-commerce giant’s stock price, which has leapt 45 percent in the last year. It’s not as though Bezos is in a panic to get rid of the shares while they’re hot or do anything untoward; according to the regulatory filing, Bezos was on a set schedule to get rid of 1 million shares just after each quarter. If the results hadn’t been so good and the stock price wasn’t so high, he still would have had to make the sale. – READ MORE