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

Jeff Bezos sold over 500,000 Amazon shares, making nearly US$1 billion
ABOVE: Jeff Bezos sold over 500,000 Amazon shares, making nearly US$1 billion

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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Protesters gather outside Jeff Bezos’ NYC apartment to speak out against ‘abusive’ working conditions
Protesters gather outside Jeff Bezos’ NYC apartment to speak out against ‘abusive’ working conditions

Amazon declined to comment on Bezos’ stock sale.

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

READ MORE: Amazon workers in United States, Germany go on strike on Prime Day

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

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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.