16.5.2021 | Amazon’s CEO sold almost $5 billion worth of shares
Amazon’s CEO Jeff Bezos has sold almost $5 billion worth of Amazon stock last week, as he prepare to step down as the e-commerce giant’s CEO in the next quarter.
Within 03 May to 06 May, Bezos sold about 1.5 million shares at an average price of around $3,350 netting himself $4.9 billion in total. Bezos has previously said he sells $1 billion of stock a year to fund Blue Origin, his aerospace company. He has also committed $10 billion to fund the Bezos Earth Fund, an organization dedicated to combating the climate crisis.
The Amazon cofounder told employees in February that he plans to step down as CEO in the third quarter of this year. Andy Jassy, head of Amazon Web Services, is set to replace him. Bezos will become Amazon's executive chairman and focus on "new products and early initiatives," he said.