The CEO of Amazon, Jeff Bezos has sold over $1 billion worth of his Amazon shares according to U.S. securities filing. The sale represented 1.3 percent of his holding. He now has 16.4 percent stake in Amazon which he founded in 1994.
This means that Bezos let go of one million shares for $1,097,803,365. However, this is not the first time Bezos is selling his shares in the company. In May, he sold more than a million shares. A similar sale was done in August 2016.
The world’s richest man had said in April he would sell $1 billion a year in Amazon stock to fund Blue Origin LLC, the rocket company fueling his ambition to send people into space. This is probably where he would invest the money raised from the share sales.
Interestingly, it was his large ownership stake that assisted him in surpassing Microsoft co-founder Bill Gates to become the richest person in the world.
With Amazon’s momentum and their good market performance, the race to be the first company in the world to attain the $1 billion mark is hitting up. Apple seems to be the most likely candidate for this, with the release of iPhone X. However, Amazon will definitely give them a run their money. This said we wait to see if the share sale will affect Amazon’s chances of being the first company to worth $1 billion in the world.
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