The founder of amazon inc. Jeff Bezos has sold an estimated $2 billion of Amazon .com Inc. stock after pledging the same amount through his Bezos Earth Fund to help restore nature and improve food systems.
According to U.S. Securities and Exchange Commission, Jeff Bezos sold 608,450 of his shares under a pre-arranged trading plan. A Pre-arranged trading is where counterparties to a market transaction specify the price and terms of the trade in advance.
The Amazon CEO has already sold $8.6 billion worth of shares this year, However he still remains the second richest person on the planet as he currently owns approximately 10% of Amazon stock.
Jeff Bezos has dedicated $10 billion towards the success of Bezos Earth Fund to tackle the problem of climate change. He has also generated capital from equity sales for Blue origin, Bezos owned private rocket company.
The most recent decision coincide with the COP26 climate summit in Glasgow, Scotland, to commit $1 billion to support landscape restoration, with an initial focus on Africa and the U.S. The other $1 billion is for food and agricultural systems, such as raising crop yields.
Amazon stock is up just 3.9% this year after surging 76% last year as people relied on online shopping during the covid pandemic.
Since the launch of Amazon 15 years ago, The online retail company has grown such that small amount of the firms shares are worth billions of dollars.