Jeff Bezos Sells $3 Billion in Amazon StockDecember 9, 2020
After an unprecedented 75% spike in Amazon stock that has resulted from the public’s reliance on Amazon during the pandemic, Jeff Bezos has sold off a large portion of his own stock holdings in the company that exceeded $3 billion in value.
Bezos has not reported any particular reason for this large selloff, but it has been his pattern to sell stock in similar situations where he stands to make a profit. He tends to use the cash to fund other ventures that he is working on, including his ambitious space program named Blue Origin.
After other large stock selloffs that Bezos carried out in August and February of 2020, the Amazon CEO has sold over $10 billion worth of stock this year. This is a stark contrast to his stock sales in 2019 that totaled around $3 billion. Amazon reported that they have hired over 175,000 new employees to meet the extraordinary spike in demand that has occurred since February of this year.
Amazon’s media representatives were hushed about the recent sale when asked to comment about Bezos’ intentions. Bezos has stated on prior occasions that he intends to sell at least $1 billion in stocks each year to fund the new space venture, and he seems to be spending more this year because the Blue Origins company is nearing its commercial operations phase.
Bezos has also maintained a commitment to funding charitable causes. H recently set aside $10 billion to a fund called the Bezos Earth Fund in an effort to combat climate change. Bezos has also announced that he intends to donate $2 billion to various charities that help homeless families and schools in low-income districts.
Blue Origin launched a rocket last month that was intended for tourism. The space vessel reached the edge between the planet’s atmosphere and outer space. The vehicle was named New Shepard, and this was the 13th test launch of the rocket. The tourist rockets have not yet had any human passengers.
The large stock sale is small in comparison to Bezos’ total net worth, and he is still the world’s wealthiest billionaire by a wide margin. His fortune has recently been estimated to be $191 billion. This comes after he gained $76 billion as Amazon has flourished during the pandemic.
It is estimated that Bezos will make $2.3 billion after taxes are deducted from the stock sale that the CEO carried out on Tuesday. The sale consisted of 1 million shares of Amazon, and this was 1.8% of the total holdings that the billionaire had before the transaction. Bezos now personally owns 10.6% of the giant online retail platform that he founded in 1994.