Amazon’s founder, Jeff Bezos, has been consistently selling shares of the company this year as the stock price continues to reach record highs. In a recent filing with the SEC, Bezos announced his intention to sell 25 million shares, amounting to approximately $5 billion at current prices. The stock hit a record high of $200.40 on July 3 and closed at $197. Amazon’s shares have risen over 30% since the beginning of the year, outperforming the DJIA.
The surge in Amazon’s stock price has been driven by strong earnings, with operating profit increasing over 200% and revenue rising 13% year-over-year in the first quarter. Despite selling a significant amount of shares, Bezos still retains ownership of 8.8% of outstanding shares, equivalent to 912 million units.
Bezos has been selling Amazon stock at a rapid pace this year, earning over $8 billion in just a few weeks in February. In total, he has sold over $30 billion worth of shares since 2002, with $20 billion sold in 2020 and 2021 alone. These sales have funded various projects, including his aerospace company Blue Origin and the purchase of a $500 million superyacht.
With a fortune of $214.4 billion, Bezos is currently the second richest person in the world, behind Elon Musk. Despite his enormous wealth, Bezos continues to invest in ambitious projects like space exploration and sustainable energy. His actions and investments have had a significant impact on the tech industry and global economy.
In conclusion, Bezos’ strategic selling of Amazon shares reflects his forward-thinking approach to financial planning and investment. His ability to generate wealth and reinvest it into cutting-edge projects demonstrates his visionary leadership and commitment to innovation.