Why Bezos got rid of other shares of his company worth $ 3.1 billion

Earlier in 2020, Bezos had sold more than $ 4.1 billion worth of shares, bringing new sales to $ 7.2 billion.

Amazon CEO Jeff Bezos sold more $ 3.1 billion worth of shares this week, according to a news release from the US Securities and Exchange Commission (SEC).

These sales are part of the 10b5-1 rule introduced by the SEC in 2000 which allows insiders of listed companies to draw up a trading plan for the sale of shares they hold. Rule 10b-5, created under the Securities Act of 1934, which is the main body for investigating securities fraud.

Allows key shareholders to sell a predetermined number of shares at a predetermined time.

Many corporate executives use the 10b5-1 rule to avoid accusations of insider trading.
Earlier in 2020, Bezos had sold more than $ 4.1 billion worth of shares, bringing new sales to $ 7.2 billion. He owns more than 54 million Amazon shares worth more than $ 170 billion, making him the richest man on the planet.

Bezos had previously announced that he would sell $ 1 billion worth of Amazon shares each year to fund his space exploration company, Blue Origin.

However, according to CNBC, the new sales come just a week after Bezos testified before the Competition Commission, following concerns about the growing power of major technology companies such as Facebook, Apple and Alphabet.

It is noted that the share of Amazon has strengthened by 73% this year, while only yesterday it rose 2.1%.