Amazon CEO Jeff Bezos has sold more than $3.1 billion worth of shares in his company. The sales were part of a prearranged 10b5-1 trading plan. Earlier this year, Bezos sold more than $4.1 billion worth of shares in the company. The most recent sales bring his total cash out in 2020 to slightly more than $7.2 billion so far. He still owns more than 54 million shares, worth more than $170 billion, making him the richest person in the world. Bezos has previously said he’s selling about $1 billion of Amazon stock a year to fund his space exploration company, Blue Origin.
The sales came one week after Bezos testified before the House Antitrust Subcommittee, which is concerned about the growing power of large tech companies, alongside Facebook CEO Mark Zuckerberg, Apple CEO Tim Cook and Sundar Pichai, CEO of Google parent Alphabet.
Last week, Amazon also reported its second-quarter results, blowing away analyst expectations after the coronavirus pandemic fueled online shopping. Amazon shares are up 73% for the year, including a 2.1% gain on Wednesday.