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November 5, 2017 02:00 pm

Jeff Bezos's Just Sold $1.1 Billion in Amazon Stock

An anonymous reader quotes CNN Money:Amazon CEO Jeff Bezos, the newly minted richest person in the world, just sold more than $1 billion worth of his stock. The sale was made public in a filing posted Friday. In total, Bezos let go of one million shares for $1,097,803,365. Exactly how Bezos plans to spend those Benjamins wasn't clear. But it isn't unprecedented for him to sell such a large chunk. In May, he sold more than a million shares. A similar sale was executed in August 2016. Even after his most recent sell off, Bezos still personally owns about a 16% of Amazon, which he founded in 1994. Bezos's large ownership stake helped vault him past Microsoft co-founder Bill Gates as the richest person in the world, according to the Bloomberg Billionaire's Index... One possible destination for the cash Bezos just freed up is his commercial space company, Blue Origin. Earlier this year, Bezos told reporters at a space symposium that he sells about $1 billion per year worth of Amazon stock to fund the company, according to Reuters... Last month, Blue Origin Chief Executive Officer Bob Smith said he expects the first manned flight to take place by April 2019. One Silicon Valley newspaper calls it the biggest stock sale ever.

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