Jeff Bezos, who returned most of his income to Amazon, divested his stocks to finance his Blue Origin aerospace dream project.
The filings from the U.S. Securities and Exchange Commission have shown that Bezos has divested $2.8 billion worth of Amazon shares over the past two decades. He had previously divested about $1.8 billion worth of stocks and divested another $990 million last week. This is a component of the 10b5-1 trading scheme already announced by the company.
In all Bezos discharged more than 530 K Amazon stocks on two distinct sales at a cost of approximately $1,850 per share. He still owns more than 57 million Amazon stocks or about 12% of the business. His divestment, however, has struck his net worth differently. The US economies collapsed on Monday (August 5) as China allegedly devalued its currency against the dollar at its smallest point since 2008. The shift accompanied the announcement by President Donald Trump on Thursday that Chinese imports would continue to be subject to tariffs.
Bezos decreased most, shedding $3.4 billion as the online retailer’s stocks were tumbling. But with $110 billion, he’s still the wealthiest individual on the planet.
Bezos has divested nearly a billion USD each year over the past couple of years to finance his space project. Launched by Bezos in 2000, Blue Origin is a manufacturer of aerospace and spaceflight services sub-orbital services. Unlike its rivals, Blue Origin is self-funded, and Bezos has stated previously that turning his Amazon winnings into space travel is the only way he can see this much economic resource being deployed.
He had earlier said that to finance Blue Origin, he intends to sell inventory worth about $1 billion each year. He has continued to meet this dedication over the past six to seven years.
The firm is already working strongly on projects like the New Shepard rocket, which will be debuting by the end of the year. It is a reusable 59-foot-tall rocket that can send and take back human visitors to sub-orbital space.
The “Blue Moon” lander, intended to bring up to 14,000 pounds of payload to the moon and create a smooth landing, is another costly project in the works. The lander “Blue Moon” will also be used in the upcoming lunar exploration mission crewed by NASA.
Although Bezos has not for the longest moment spoken publicly about investments in philanthropy, his divestments could also be directed to Amazon’s announced “Day One” fund in 2018. The Day One Fund is aimed at helping homeless families and building preschools.