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Jeff Bezos sells 1% of his Amazon stake for $671 mn

09 May, 2016

E-commerce bellwether Amazon.com Inc’s founder Jeff Bezos has pocketed around $671 million by selling just over a million shares in the company, or about 1% of his stake, according to a filing with the US Securities and Exchange Commission (SEC).

Chief Executive Bezos, the fourth-wealthiest person in the world who founded Amazon in 1995, sold these shares from May 3 to May 5 at a price between $662.48 and $680.06, the SEC filing showed.

This is the largest pile of cash ever collected in a share sale by Bezos, who has a net worth of $54 billion. In August last year, he had sold a million shares for about $534 million, as the stock was trading lower at the time.

With the latest stake sale, the shareholding of the Internet tycoon in Amazon has come down to about 17 per cent.

Amazon entered India three years ago and has expanded rapidly. The e-tailer competes with local companies Flipkart and Snapdeal, and has previously pledged to invest $2 billion in the country for expansion.

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Jeff Bezos sells 1% of his Amazon stake for $671 mn

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