Jeff Bezos sells $1.8 billion worth of Amazon stock

News

He continues to fund his space venture

Getty Images: Franziska Krug

(CNN) – Jeff Bezos has sold more than $1.8 billion worth of stock, as the world’s richest person continues to sell his Amazon stake to fund his space venture.

The Amazon CEO offloaded roughly 960,000 shares, each worth around $1,900 on Wednesday, according to the company’s regulatory filings. Bezos sold the stake after Amazon reported weaker-than-expected profits in its quarterly earnings. Amazon’s stock is up 25% for the year.

Even with the massive stock dump, Bezos remains the world’s richest person, according to Bloomberg Billionaires Index. He’s worth $117 billion.

Bezos has said he sells roughly $1 billion worth of stock a year to fund his space company, Blue Origin, and he pledged to sell more than $1 billion this year as Blue Origin gets closer to commercial operations.

Bezos has lofty expectations for Blue Origin. He unveiled a new rocket engine and a mockup of a lunar lander to use for shuttle cargo in May. He also said he wants to build giant orbital structures that could host self-sustaining colonies. It’s also close to selling tickets to send people to space.

Copyright 2019 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Latest Stories

More Community

Don't Miss

More Don't Miss

Trending Stories