CNBC "Intention to Focus More on Blue Origin and Philanthropic Activities"
[Asia Economy Reporter Kim Suhwan] Amazon CEO Jeff Bezos sold Amazon shares worth $2.5 billion (approximately 2.8 trillion KRW) this week.
According to Bloomberg on the 5th (local time), Bezos disclosed through a filing with the U.S. Securities and Exchange Commission (SEC) that he sold 739,000 Amazon shares he held this week. The shares sold by Bezos CEO this time are valued at $2.5 billion.
Bezos also announced in a separate filing that he plans to sell up to an additional 2 million shares.
Previously, Bezos sold Amazon shares worth $3 billion (approximately 3.3 trillion KRW) in November last year, and in February alone, he sold shares worth $4.1 billion (approximately 4.6 trillion KRW), showing that he has been disposing of his Amazon shares consecutively recently.
The reason Bezos is cashing out shares consecutively is analyzed to be to raise funds in advance for his personal business ventures, as he announced that he will step down as Amazon CEO in the third quarter of this year.
Earlier, Bezos stated that he would sell $1 billion worth of Amazon shares annually and invest the proceeds in his space exploration company Blue Origin. With Blue Origin announcing a manned spacecraft launch to attempt the first space tourism with civilians in July, it is expected that Bezos will inject additional funds to accelerate Blue Origin's space business.
In addition, Bezos announced plans to continuously invest in the charity organization 'Day One Fund,' which he founded in 2018. This organization aims to provide free education to low-income groups and help homeless people achieve self-sufficiency. He also invested $10 billion (approximately 11 trillion KRW) to establish the climate change response fund called the 'Bezos Earth Fund.'
Especially, as Amazon's market capitalization has surged, it has become easier to cash out his holdings, which seems to be why Bezos is selling shares consecutively. It is known that the value of the Amazon shares he currently holds is at least $170 billion (approximately 191 trillion KRW).
CNBC reported, "With Bezos announcing he will step down as CEO in the third quarter of this year, he is expected to focus more on space business and philanthropic activities going forward."
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