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Technology / Cloud

Jeff Bezos sells more than $500m worth of Amazon stock

Amazon CEO Jeff Bezos has sold over 1 million shares of the company he founded, raising over $500m.

The stock sale, which was reported in a Securities and Exchange Commission filing, was part of a divestment plan. The stock was divested at weighted-average prices ranging from $529.91 to $539.81.

Bezos, who still holds about 83 million shares worth around $44.5bn, sells huge amounts of shares once a year.

In February last year, 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.

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Amazon has reported a surprise profit and better-than-expected sales in the second quarter ending 30 June 2015.

The e-commerce firm posted a $92m profit, compared to a $126m loss for the same period last year. Net sales rose 20% to $23.18bn in Q2, compared to $19.34bn in the year-ago period.

Bezos has already set up a aerospace manufacturing company called Blue Origin to develop technologies to enable private human access to space.

Blue Origin is developing aerospace technologies which include a rocket-powered Vertical Takeoff and Vertical Landing (VTVL) vehicles.

 
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CBR Staff Writer

CBR Online legacy content.