Jeff Bezos Amazon

The disposals, disclosed Wednesday in Securities and Exchange Commission filings, adds to a $4.1 billion sale earlier this year

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Amazon.com. shares surged 7.9 per cent, the most since December 2018 on rising optimism about web shopping trends, and are now up 73 per cent this year.

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Shares of the biggest online retailer dropped 8.1 per cent to $1,637 in extended trading at 4:24 p.m. in New York

The move comes as part of a previously announced 10b5-1 trading plan. Bezos had previously said he plans to sell stock worth about $1 billion each year to fund his rocket company, Blue Origin

The numbers mean Bezos retains his pole position among the world's billionaires, while his former wife now ranks 23rd, according to Forbes data

Under the agreement, MacKenzie Bezos, 49, will receive approximately 19.7 million Amazon.com shares, giving her a four per cent stake in the company valued at $38.3 billion

Amazon is spending billions adapting to a fiercely contested market of 1.3 billion