Proactive Investors - Amazon.com Inc (NASDAQ:AMZN) founder Jeff Bezos may sell as many as eight million to 10 million of his Amazon shares, which would amount to more than $1 billion worth of stock, CNBC reported on Tuesday.
The sale would be in addition to the $240 million worth of Amazon shares he sold last week, US Securities and Exchange Commission (SEC) filings revealed.
According to the filings, the transactions were marked as contributions to nonprofit organizations, although it’s unclear which entities received the donations, the media outlet noted.
Bezos still owns about 988 million Amazon shares, which amounts to a nearly 10% stake in the e-commerce giant, and has a net worth of about $170 billion, making him the third-wealthiest person in the world.
He has stated previously that he plans to give away most of his fortune in his lifetime and since stepping down as Amazon CEO in 2021, he’s pledged $100 million to recovery efforts following the Maui wildfires and has launched a $10 billion Earth Fund to combat the effects of climate change.
Bezos has also committed to selling at least $1 billion of Amazon stock each year to fund his rocket startup, Blue Origin.
Shares of Amazon.com slipped nearly 2% to $143.24 in late-afternoon trading on Tuesday but have gained 67% year to date.