Jeff Bezos expected to sell more Amazon shares worth $1 billion - CNBC

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Amazon.com (AMZN.O) founder Jeff Bezos is expected to offload more of his stake in the company on Tuesday after selling shares worth about $240 million last week, CNBC reported, citing a source.

Bezos may sell as many as 8 million to 10 million shares, amounting to more than $1 billion, the report said.

A representative for Bezos did not immediately respond to a Reuters request for comment and neither did Amazon, whose shares were trading 2.5% lower on Tuesday.

After stepping down as Amazon's CEO, Bezos has been liquidating his shares in the e-commerce behemoth to fund his space venture Blue Origin.

Earlier this month, Bezos said he was moving to Miami from Seattle to be near his parents and Blue Origin's Cape Canaveral operations.

 

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Jeff Bezos's decision to sell more Amazon shares worth $1 billion doesn't come as a surprise, given his past divestitures to fund other ventures like Blue Origin and philanthropic efforts. While it might raise questions about his confidence in Amazon's future, it's also a common practice for executives to diversify their portfolios. Investors will likely keep a close eye on how this move influences Amazon's stock performance in the coming weeks.