Amazon founder earns over $1bn through sale of one million shares

8 November 2017 (Last Updated November 8th, 2017 11:26)

Amazon CEO and president Jeff Bezos has sold one million shares in the company, thereby earning $1.09bn through the transaction.

Amazon CEO and president Jeff Bezos has sold one million shares in the company, thereby earning $1.09bn through the transaction.

The shares have been divested as part of the firm’s preset trading plan, reported The Seattle Times.

Bezos is selling of his shares in the retailer in order to fund other investments.

Last year, Bezos sold approximately $1bn in stock a year to fund his new US-based rocket company Blue Origin, which would support his aim to send people into space as early as next year.

As registered by S&P Global Market Intelligence, Bezos has divested shares in Amazon, worth $6.8bn, since early 2008.

“Bezos is selling of his shares in the retailer in order to fund other investments.”

With the completion of the current transaction, the Amazon founder currently owns a total of 78.8 million shares in the company, which is the equivalent of a 16.4% stake in the company.

Last week, Amazon shares closed up 1.6% at $1,111.60, thereby making Bezos’s stake in the company worth $87.7bn.

In June, the retailer entered into a definitive merger agreement to buy US-based supermarket chain Whole Foods Market for approximately $13.7bn.

The acquisition was closed in August 2017 for $42 per share in an all-cash transaction.

With the completion of the transaction, the two companies aim to make Whole Foods Market’s natural and organic food affordable for everyone.

Amazon also launched its new Amazon Key in October, which is exclusively designed for Prime members in order to significantly increase the convenience of receiving deliveries.

In addition, Amazon Key allows in-home delivery and secure home access for guests and service appointments.