'World's Richest' Bezos Sells Amazon Shares Worth 3.7 Trillion KRW

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] Jeff Bezos, the world's richest person and CEO of Amazon, reportedly sold over $3.1 billion (approximately 3.7 trillion KRW) worth of Amazon stock, according to CNBC and other outlets on the 5th (local time).

According to data from the U.S. Securities and Exchange Commission (SEC) compiled by OpenInsider, Bezos's recent stock sale was conducted under the '10b5-1' rule, which allows insiders of publicly traded companies to sell shares at predetermined prices or dates. Amazon's stock closed at $3,205.03 on the day, up 73% from the beginning of the year.

Including the sale of over $4.1 billion worth of stock earlier this year, the total value of Amazon shares Bezos has liquidated in 2024 amounts to $7.2 billion. Even after the sale, Bezos holds more than 54 million shares of Amazon stock, valued at around $170 billion. According to Forbes, Bezos's net worth is estimated at $188.2 billion, making him the richest person in the world.

This is not Bezos's first stock sale of Amazon shares this year. He sold $2.8 billion worth of stock last year. In 2017, he announced plans to sell at least about $1 billion worth of Amazon stock annually to fund his space exploration company, Blue Origin.

Amazon, the largest e-commerce company in the U.S., announced on the 30th of last month that it achieved $89 billion in revenue for the second quarter. This was attributed to the surge in online shopping driven by the spread of COVID-19.

This content was produced with the assistance of AI translation services.