Tags: Bezos | Amazon | stock | sale

Amazon Founder Jeff Bezos Sells $755 Million in Stock, Filing Shows

Amazon Founder Jeff Bezos Sells $755 Million in Stock, Filing Shows

Amazon CEO Jeff Bezos walks onstage for the launch of the new Amazon Fire Phone in Seattle. (AP Photo/Ted S. Warren, File)

Friday, 05 August 2016 08:30 AM

Amazon founder and CEO Jeff Bezos sold about 1 million shares in his company valued at about $755 million this week as part of a predetermined schedule.

The sale was disclosed in a filing with the U.S. Securities and Exchange Commission.

His Seattle-based online retailer this week showed off its first branded cargo plane, one of 40 jets that will become part of its own transportation network.

Amazon’s worldwide shipping needs are growing as its overall parcel volume reaches 1 billion packages a year. In the past, it’s had reliability issues with air freight services such as UPS and Federal Express.

“They're such a big online retailer," Satish Jindel, president of shipping consultant ShipMatrix, told the Associated Press. "There's so much volume that if you have to add transportation for yourself, why would you pay a retail price when you can get wholesale? It makes sense."

Amazon leased 40 Boeing jets from Atlas Air Worldwide Holdings and Air Transport Services Group Inc., which will operate the air cargo network.
 

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Amazon founder and CEO Jeff Bezos sold about 1 million shares in his company valued at about $755 million this week as part of a predetermined schedule.
Bezos, Amazon, stock, sale
170
2016-30-05
Friday, 05 August 2016 08:30 AM
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