Amazon CEO Jeff Bezos offloaded nearly US$1 billion in company shares last week

Amazon.com Inc Chief Executive Officer Jeff Bezos offloaded $990 million worth of shares in the company last Thursday and Friday, taking the total value of shares sold last week to $2.8 billion.

In the last three days of July, Bezos has sold stock worth about $1.8 billion, regulatory filings with the Securities and Exchange Commission showed.

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Amazon declined to comment on Bezos’ stock sale.

The move comes as part of a previously announced 10b5-1 trading plan.

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Bezos had previously said he plans to sell stock worth about $1 billion each year to fund his rocket company, Blue Origin.

Bezos’ former wife, Mackenzie Bezos, who currently owns Amazon stake worth more than $37 billion, is now the online retailer’s second largest individual shareholder.