Jeff Bezos, the founder of Amazon, sold 3.3 million shares of Amazon over the past few days, totaling $736.7 million (approximately 1 trillion won), Bloomberg News reported on the 1st (local time).
This stock sale is in accordance with the '10B5-1 transaction plan' that Bezos announced last March. This allows for the disposal of a certain number of shares within a specified period as previously announced, helping to avoid any suspicion of insider trading.
Bezos regularly disposes of his equity in Amazon. He sold 75 million shares last year and plans to sell an additional 25 million shares through this plan by next year.
This sale has garnered attention as it coincides with Bezos's extravagant wedding. He married Lauren Sanchez in Venice, Italy, between the 26th and 28th of last month, with estimated expenses around $50 million (approximately 6.8 billion won).
Bloomberg reported that Amazon's stock price has risen by more than 8% since Bezos announced his selling plan in March.
According to data compiled by Bloomberg, Bezos has sold about $44 billion (approximately 60 trillion won) worth of Amazon shares since 2002. It is reported that he has funded Blue Origin, a space company founded in 2000, or donated to nonprofits and charities through these sales.
Bezos, who stepped down as Amazon's Chief Executive Officer (CEO) in 2021, serves as the chairman of the board and remains Amazon's largest shareholder and the third richest person in the world ($241.4 billion, approximately 329 trillion).