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Jeff Bezos is expected to be “aggressive” in selling more shares of Amazon on Tuesday, sources told CNBC’s David Faber.
Bezos could sell between 8 million and 10 million shares, which would be equivalent to more than $1 billion in stock, sources told Faber.
Amazon shares are down about 2.6%.
It comes after Bezos dumped about $240 million in Amazon stock last week, according to financial documents. The transactions were marked as contributions to nonprofit organizations, the document states.
It is unclear to whom Bezos donated the shares. A representative for Bezos did not immediately respond to a request for comment.
Bezos, who is the third richest person in the world, with a net worth of around $170 billion, according to Bloomberg, still owns around 988 million Amazon shares, equivalent to a nearly 10% stake in the company.
Since stepping down as Amazon CEO in 2021, Bezos has accelerated his charitable giving and has said he plans to give away much of his fortune during his lifetime. Bezos and his fiancée Lauren Sanchez in August pledged $100 million toward recovery efforts on Maui after deadly wildfires devastated the Hawaiian island. Bezos has said he sells at least $1 billion in Amazon stock a year to fund his rocket startup, Blue Origin, and in 2020 launched the $10 billion Earth Fund to combat the effects of climate change. .
Earlier this month, the Amazon founder and CEO announced that he plans to leave Seattle and move to Miami, allowing him to be closer to his parents, Sánchez, and Blue Origin’s operations.
LOOK: Here’s why Jeff Bezos is leaving Seattle for Miami
