Jeff Bezos, the founder of Amazon, sold over a million shares last week according to an SEC filing. The money raised from these sales will be used to fund Bezos’ chain of nonprofit preschools, Day 1 Academies, which are “Montessori-inspired” schools.
In 2018, Bezos announced his foray into education with the Day 1 Families Fund and the Day 1 Academies Fund. These philanthropic initiatives are funded by the Bezos Day One Fund, with a $2 billion commitment from Bezos. The fund operates the Day 1 Academies, offering a new approach to early childhood education where the child is the primary focus.
Bezos sold around 1.1 million shares, with $117 million from one of the sales going to Day 1 Academies. The first Day 1 Academy opened in 2020 and serves children between the ages of 3 and 5.
Amazon’s stock has risen 17% in 2024, outperforming the benchmark S&P 500 but lagging behind some competitors. Despite stepping down as CEO in 2021, Bezos remains Amazon’s executive chairman and largest shareholder.