According to filings with the Securities and Exchange Commission, Jeff Bezos sold more than $2.5 billion worth of stock. According to the filings, about $1.27 billion worth of stock was unloaded on Monday, followed by a disposal of nearly $680 million worth of stock on Tuesday. Almost s$1.95 billion worth of shares were sold at the start of the week.
According to the filings for the stock, this exchange was part of a 10b5-1 prearranged trading scheme.
Operating cash flow increased by 69% to $67.2 billion, and free cash flow increased to $26.4 billion, according to the company’s financial results released a week ago. The first quarter saw a 44%rise in net revenue, bringing the total to $108.5 billion. It produced a positive overall result, with an improvement in the components and a favorable effect. Operating and net profits were both up to $8.9 billion and $8.1 billion, respectively.
Amazon has long been a market leader in the eCommerce space, and when the pandemic struck, the eCommerce behemoth saw a surge in revenue. Furthermore, thanks to the up trenches, the business will overtake Walmart in the next few years. It set a new standard for retail sales and efficiency. It also has a domestic market share of more than 9% retail sales, compared to 9% for Walmart.
In the last few years, Bezos’ stock sales have skyrocketed, with almost $ 4.1 billion sold in February this year, followed by more than $3 billion in November last year.
Bezos has also expressed an interest in selling $1 billion worth of Amazon stock per year to fund his space exploration business.
The New Shepherd is preparing for its first flight into space, which will include six crew members and one commercial passenger seat. The business has launched an auction for the seat, with bids ranging up to $50000. Space travel is slated to commence on July 20, 2021.
During the pandemic last year, Amazon took a number of steps to assist workers, and the Day One Fund donated $98.5 million to the homeless. Bezos will maintain a constant emphasis on the projects as he transitioned to his new position as executive chairman of Amazon’s board of directors.