The CEO of Amazon Jeff Bezos, sold off an astounding $3 billion dollars worth of stock recently. This has put the company in a slight slump in value after the transaction. Some are speculating why he did this. Some think it was after President Donald Trump accused China of currency manipulation.
Between July 29th to August 2nd, he let go of roughly 200,000 to 320,000 shares per day. After he did this, Amazon’s share prices fell about 6% over the course of last week. Yesterday, the stock slipped another 3%.
Jeff Bezos, the world’s richest man is currently worth $165.6 billion dollars. His ex-wife MacKenzie Bezos, received from a divorce settlement $38 billion dollars catapulting her to being one of the world’s richest women.
According to estimates by Business Insider from last year, Bezos earned $6.54 billion dollars a month. This was $1.5 billion a week and more than $215 million dollars a day over a 12 month span of time. These numbers have likely increased since. Bezos’ fortune increased by roughly $231,000 per minute back in 2018.
Speculations over the sales of his stock are all over the map. Amazon declined to make a statement to CNBC about what happened. Maybe Bezos is funding his space business known as Blue Origin. His business model for the company was to sell $1 billion dollars worth of Amazon stock each year, to fund the business venture.
Bezos did comment, “The only way that I can see to deploy this much financial resource is by converting my Amazon winnings into space travel.”
Back in 2018, Bezos sold in one day 1.85 million dollars worth of shares on February 15th at $73 dollars a share. Now, Amazon is worth far more now at $1761 dollars a share.