Bezos sold Amazon stock in a massive sell-off worth $3.1 billion.

Jeff Bezos sold $3.1 billion worth of Amazon stock on Wednesday, local time,media reported. The move follows a surge in Bezos’s personal net worth, helped by a surge in Amazon’s share price. Amazon’s richest man sold about 1m shares of Amazon stock, according to amazon filings with the Securities and Exchange Commission.

Bezos sold Amazon stock in a massive sell-off worth $3.1 billion.

Earlier this year, he sold 2m shares worth $4.1bn as part of a pre-arranged deal.

Bezos still owns more than 54m shares in Amazon (more than 10 per cent) and has a personal fortune of $189.8bn, making him the world’s richest man, according to the Bloomberg Billionaires Index. His net worth has soared by $74.9 billion this year, and Amazon’s share price is up 73%.

By contrast, Bezos sold $2.8 billion worth of shares in 2019. He has previously said he will sell about $1 billion a year in Amazon stock to fund his space exploration company Blue Origin.

While the U.S. economy is entering its worst downturn since the Great Depression, the Amazon founder’s fortune sits at an incredible rate this year. The online retail giant has benefited from increased demand as more people were forced to stay at home during the new crown outbreak.

Bezos and other tech tycoons’ staggering wealth has recently brought a growing amount of attention to big tech companies. Bezos appeared before Congress last month with the ceos of Facebook, Apple and Google to defend their power and influence.