The company’s rising share price benefits its CEO.
Amazon.com founder and CEO Jeff Bezos sold one million shares of his holdings in the company raising US$757 million last week, according to a filing with the Securities and Exchange Commission. That is a record sale amount for Bezos, exceeding the US$671 million worth of shares he sold in May.
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Like the May sale, Bezos benefited some from the stock market reaction to impressive quarterly results at Amazon. The e-commerce giant reported revenue of US$30.4 billion, up 31% from a year earlier, and adjusted profit per shares of US$1.78, versus just 19 cents per share a year earlier. Both results also beat Wall Street analyst expectations. Amazon shares have gained 2% since the results came out and 14% over the past three months.
Read the full story on Fortune here.