Amazon.com Inc. AMZN CEO Jeff Bezos has sold about $1.7 billion worth of shares in the e-commerce giant, the third time this month he has sold shares.
What Happened: According to filings with the U.S. Securities and Exchange Commission, Bezos sold 521,936 shares worth about $1.7 billion, under a Rule 10b5-1 trading plan — a strategy that allows company insiders to sell stocks at pre-set parameters.
Bezos sold the third batch of Amazon stock on Friday and Monday. This brings the total amount he has unloaded this month to about $6.7 billion.
It was reported last week that Bezos sold about $2.5 billion worth of Amazon shares in his first big sale this year.
The billionaire entrepreneur sold Amazon stock worth more than $10 billion in 2020.
See Also: Amazon Created A Bull Trap After Bezos Unloaded Shares: What's Next?
Why It Matters: Bezos, who holds more than a 10% stake in the e-commerce giant, has accelerated his stock sales in recent years with the intention to fund Blue Origin, a spaceflight services company he founded in 2000.
Bezos is the world’s richest person with a total net worth of $188 billion, according to the Bloomberg Billionaires Index.
Price Action: Amazon shares closed almost 1.1% higher on Tuesday at $3,223.91.
Read Next: Tile Counts On Amazon Partnership To Rival Apple's AirTags
Photo by NASA Robotics Competition on Flickr
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