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World’s Richest Retailer Sells $3B In Stock

Amazon CEO Jeff Bezos has sold 1 million shares in the e-commerce giant, worth approximately US$3.1 billion. While this is a hefty figure, it represents just 3% of the billionaire’s stake in the company.

Over the past year Bezos has sold off roughly $7 billion of his Amazon stock.

Amazon’s share price has skyrocketed since the start of the COVID-19 pandemic, as shoppers across the globe have moved online. According to New York Post, they have increased by almost 90% since early March.

Yesterday Amazon’s stock price rose by 0.6% to stand at $3,225 per share.

In its latest earnings report, Amazon revealed net sales had increased by 40% year-on-year to hit $88.9 billion in Q2.

Some of the company’s categories were even more successful. For example, Amazon effectively tripled its online grocery sales over the quarter.

In Q3, Amazon has forecast its operating income to range $2 billion-5 billion.

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