Amazon CEO Jeff Bezos sold more than 1 million shares of company stock in the past three days, worth a total of $671.29 million, according to a regulatory filing this afternoon.
The stock sale comes after the company reported record profits for the first quarter, sending its shares soaring. Amazon shares are up more than 12 percent over the past month, closing today at $659.09.
However, the filing notes that the sale was made pursuant to a Rule 10b5-1 trading plan, which allows company insiders to sell a predetermined amount of stock at a set time, to avoid the appearance of insider trading.
In terms of the value of the stock, the sale represents the largest amount ever sold by Bezos, thanks to the higher share price. He had previously sold a slightly smaller amount of stock in August 2015, worth $534 million at the time.
Here’s a chart showing the latest stock sales, from news alert service Sqoop.
