Amazon CEO Jeff Bezos offloaded another one million shares worth $756m in the company last week, according to a regulatory filing.
With the latest sale, the e-commerce giant founder has sold $1.4bn worth shares in Amazon in the past three months.
In May, Bezos sold over one million shares, raising an amount of $671m. Amazon stock price has climbed 13% in the last three months.
Bezos executed share sale under a 10b5-1 plan, a Securities and Exchange Commission (SEC) rule which allows company insiders to sell shares at a pre-determined date to avoid insider trading charges, Geekwire reported.
Amazon has witnessed a 45% rise in stock prices in the past year, emerging as the fourth most valuable company in the US in terms of market capitalisation. Its market value recently surpassed that of Exxon Mobil.
With a net worth of $66.1bn, Bezos has overtaken Warren Buffett to emerge as the third richest man in Forbes’ list of the wealthiest people in the world.
While Microsoft co-founder Bill Gates takes the top position in the list with a net worth of $78.5bn, followed by Zara co-founder Amancio Ortega with $75.5bn.
In August 2015, Bezos sold over one million shares of the company, raising over $500m.
In February 2014, Bezos divested $351m worth of Amazon stock and in 2013, he sold $250m worth of stock. About 2 million shares were sold in May 2010, which was worth $265m.
Despite selling his shares in Amazon many times in the past, Bezos still has over 80.9m shares in the company.
Amazon reported revenue of $30.4bn for the second quarter of this year, up 31% compared to the same period a year earlier. Its profit surged to $857 in the June quarter from $92m in the year-ago quarter.
In July, Amazon announced a partnership with the UK Government to finds ways to make the delivery of parcels by small drones a reality.
The partnership allows the online retailer to conduct trials for the new delivery service.
The company launched in its own food delivery service in the UK in June to compete with British supermarkets.
Amazon Fresh service was initially planned to offer more than 130,000 groceries to Amazon Prime customers in Central and East London, including thousands of fresh produce, dairy and bakery items.
