Amazon (NASDAQ:AMZN) founder and CEO Jeff Bezos has been selling his Amazon shares. So far this year, he has sold $4.1 billion in Amazon stock in a series of transactions over 11 days. Last year, Bezos sold $2.8 billion in Amazon stock in one week between July and August. Therefore, he has sold nearly $7.0 billion in shares over the past six months.
Bezos sells Amazon shares to fund Blue Origin
We don’t know why Bezos has been selling his Amazon shares. However, the billionaire pledged to sell $1.0 billion in Amazon stock annually to fund Blue Origin—his space exploration project. He invests in expensive property and runs philanthropic programs, which he might be funding through Amazon stock sales.
Bezos expanded his philanthropic work, which could lead to him selling more Amazon shares. This week, he launched Bezos Earth Fund in a personal effort to combat climate change. Bezos has committed $10 billion to his personal climate change fund. His climate fund will start issuing grants this summer to groups undertaking environment protection work.
Amazon wants to reduce its carbon footprint
Bezos’s personal climate efforts through the Bezos Earth Fund add to Amazon’s corporate efforts to combat climate change. The company is investing in renewable energy sources, like solar, to power its offices and data centers as it works to reduce its carbon footprint. Also, Amazon plans to use electric vehicles for its package delivery operations in a bid to cut carbon emissions.
Climate activists and Amazon’s own staff are putting pressure on the company to do more to reduce its carbon emission.
Bezos’s personal climate pledge comes on the back of Amazon’s strong earnings report. The company’s revenue rose 21% year-over-year to $87.4 billion in the fourth quarter. The revenue beat the consensus estimate at $86.1 billion. Amazon posted an EPS of $6.47, which increased from $6.04 a year ago and beat the consensus estimate at $3.99. The stock has risen by about 15% since the earnings report.