Amazon CEO Sells 2.95 Million Shares

Amazon.com Inc. founder and Chief Executive Jeff Bezos sold 2.95 million shares in the Internet retailer, under a program of selling the stock at fixed intervals. The shares were worth $38.6 million at Friday’s closing price.

Including the most recent sales, Bezos has sold less than 5% of his holdings in the company. Bezos last year adopted a plan that commits him to selling company stock at fixed intervals.

Amazon stock rose 67 cents to $14.40 on Nasdaq.