Bezos Sells $4.1 Billion Worth of Amazon Stock

[Financial News]  

Jeff Bezos, the founder of Amazon, disclosed on the 4th that he had sold 15 million shares. The news of the founder's large stock sale, combined with profit-taking, pushed Amazon shares down more than 2% even as the New York Stock Exchange surged.
CNBC reported, citing a filing with the U.S. Securities and Exchange Commission (SEC), that Bezos sold 15 million Amazon shares through Morgan Stanley the previous day for about $4.1 billion, or roughly 585 billion won. The sale plan had already been reported to the SEC on November 14 last year, and it was carried out after the stock hit an all-time high.
Amazon shares soared after its second-quarter earnings release on the 30th of last month. The stock had already jumped 3.9% on expectations for the earnings announcement, then surged another 15.3% on the 31st. On the 3rd, it rose 4.6% more, setting a new record high. Over the three trading days from the 30th of last month, the stock climbed 20.6%.
According to the filing, the 15 million shares Bezos sold on the 3rd were shares he secured when he founded the company in 1994.
Bezos has regularly sold Amazon shares in recent years, usually under a prearranged plan. Even so, he remains the company's largest shareholder.
The filing also showed that Bezos donated 2.202 million shares to a nonprofit organization in May.
Amazon closed at $277.42, down $6.60, or 2.32%.


[email protected] Song Kyung-jae Reporter