Amazon (AMZN) - Get Report CEO Jeff Bezos sold more than $3.1 billion in Amazon stock this week as part of a prearranged 10b5-1 trading plan which allows major shareholders to sell a predetermined number of shares without accusations of insider trading.
The $3.1 billion shares sold comes on top of the $4.1 billion in Amazon shares Bezos sold earlier this year, bringing his total share sales in 2020 to slightly more than $7.2 billion in the first eight months of the year. Bezos has previously said he plans to sell $1 billion worth of Amazon stock a year to fund his space firm, Blue Origin.
Bezos is increasing his liquidity at a time when Amazon's stock is at its most valuable and his net worth has never been higher. Amazon's stock has hit all-time highs multiple times this year.
Bezos, the world's richest person, is now worth $190 billion, according to the Bloomberg Billionaires Index, after seeing his fortune rise by nearly $75 billion this year.
For context, Bezos' increase in wealth this year is nearly equivalent to Warren Buffett's entire $77 billion fortune.
Meanwhile, MacKenzie Scott, Bezos' former wife and the fourth-richest woman in the world, announced last week that she has dropped Bezos from her name and donated $1.7 billion of her fortune to 119 nonprofits with an emphasis on racial equality, marginalized groups and economic mobility.
"Like many, I watched the first half of 2020 with a mixture of heartbreak and horror," Scott said in her statement announcing the charity. "There’s no question in my mind that anyone’s personal wealth is the product of a collective effort and of social structures which present opportunities to some people, and obstacles to countless others.”
Amazon shares were down 0.3% premarket to $3,196.