Filings with the securities reveal a sale of over $1.84 billion of Amazon.com, Inc. (FREE AMZN Report) shares by the company’s founder and CEO, Jeff Bezos. Bezos sold nearly 970,000 shares at $1,900 each from Monday through Wednesday, making it Bezos’ possibly the largest stock sale.
Further details regarding the sale remain unclear with Amazon ignoring the request for the same. This makes it uncertain of what will happen with the proceeds of sale after being tax deducted. It might possibly be used to invest in his space company, Blue Origin as Bezos had pledged in 2017 to invest $1 billion each year.
Amazon Stock Price Has Two Sides Of The Coin
Since his divorce from MacKenzie Bezos, Jeff Bezos shares in Amazon.com have declined significantly. These currently stand at 58.1 million shares worth of $109.8 billion at the current Amazon stock price. MacKenzie Bezos receives 25% of the couple’s combined ownership of the company as per the divorce settlements.
The couple pledged $2 billion to a fund aimed at establishing pre-schools based on a full scholarship in September. They also made annual donations to non-profits proving shelter and services to families without homes. Other than that, Jeff Bezos has made very few philanthropic contributions.
Amazon, on the other hand, is becoming more active when concerned with politics. Last year Amazon overturned a Seattle City Council tax for employers intending to provide the homeless people with housing and services. Amazon threatened to sub-lease the building if the acted upon, thus making the state repeal back the tax.
However, Amazon went ahead with subleasing anyway. Amazon also made noteworthy investments in Bellevue- Seattle suburb’s business-friendly environment. Amazon released the full economic impact on Seattle inclusive of the capital investment of $4.5 billion.
The information release might be the company’s move to convince the city’s council of the reliability on the public sector for solving the challenges of Puget Sound region without government interference.