Amazon CEO Jeff Bezos cashes in $3billion of his shares which have risen more than 75% this year as pandemic drives more shoppers online
- Amazon CEO Jeff Bezos has sold more than $3 billion worth of his stock
- Shares in the company have surged more 75% since the start of this year
- In January, one share of Amazon was $1898 – it is now worth $3322
- Bezos did not explain why he sold so many shares, but he regularly sells off his stock, often using it to fund his Blue Origin space company and other ventures
- Bezos also sold a large amount of shares in August and February of this year
- In 2019, Bezos sold $3 billion in shares – this year he has offloaded $10bn
Amazon boss Jeff Bezos has sold more than $3billion of stock that he holds as he cashes in on the soaring value of his company.
The 56-year-old, who is the world’s richest man, sold 1 million shares in a flurry of trades on Wednesday, according to regulatory filings.
The selloff netted him $3.02 billion and took the total amount of shares sold this year to almost $10.5 billion.
Bezos, who set up Amazon in 1994, still holds 53.3m shares, worth $175 billion, in the company.
Amazon boss Jeff Bezos (pictured with news presenter girlfriend Lauren Sanchez) sold 1m shares netting him $3bn, according to regulatory filings
Shares in the company have surged more than 75% since the start of this year. In January, one share of Amazon was $1898 – it is now worth $3322
Amazon shares are up by 80 per cent this year after the pandemic drove more shoppers online, turbo- charging sales.
The trades by Bezos, which were part of a scheduled dealing plan, took the total value of his share sales this year to $10.25 billion – well above last year when he sold $2.75 billion of shares. Amazon declined to comment on the transactions.
Even after the stock selloff, Bezos is the world’s richest person, worth $191 billion, an increase of $76 billion since the beginning of the year according to the Bloomberg Billionaires Index.
The billionaire, whose girlfriend is TV news presenter Lauren Sanchez, has previously said he sells at least $1billion of stock per year to help fund the activities of his Blue Origin rocket company.
On top of this, he committed $10.10 billion this year to a new Earth Fund that will issue grants to scientists, activists and organizations tackling climate change.
Bezos, who bought the Washington Post newspaper for $250 million in 2013, has even been linked with a bid for the TV network CNN.
Even after the stock selloff, Bezos is the world’s richest person, worth $191 billion, an increase of $76 billion since the beginning of the year
Last year, he splashed out $173 million on the nine-acre Warner Estate in Beverly Hills, Los Angeles.
The home, described as ‘one of the most beautiful properties in the world’, was designed during the 1930s for film mogul Jack Warner and features huge gardens and its own golf course.
Bezos owns other massive American properties, including another home in Beverly Hills, three homes in Medina, Washington, a converted museum in Washington DC, land in Texas and New York apartments.
Bezos was married to novelist MacKenzie Scott, 50, until last year, when they divorced. They have three sons and an adopted daughter. Scott owns about 4 per cent of Amazon, which is worth $61 billion.
She has vowed to give at least half to the ‘Giving Pledge’, a philanthropic cause for the world’s richest people, which has also been signed by Bill and Melinda Gates, and billionaire investor Warren Buffett.
Fresh surge for big tech stock
American tech stocks surged again on Thursday as investors bet that a Republican-held Senate would block sweeping changes by presidential hopeful Joe Biden.
Shares in Apple, Amazon, Google’s parent Alphabet and Facebook all rose, adding more than $390billion to their combined value since Tuesday.
Biden – the favorite to win the US election – appeared unlikely to take back control of the Senate, potentially making it difficult for him to increase taxes on business and the rich, and slap new regulations on the big tech firms.
Analysts said it could leave the US Congress in gridlock until the next elections in two years.