Manasi VarmaJeff Bezos Cashes out Billions by Selling Amazon Stocks
Image Credits: Amazon
Jeff Bezos has been handing out shares for Amazon Inc. for a while now. And he has once again sold stocks of the company, this time totaling a worth of $1.7 billion. Now the total money he has made by sharing these stocks has reached an impressive $6.7 billion.
This time around, the deal was to sell 521,936 shares, and was made under the US Securities and Exchange Commission. He has sold $2 billion worth of shares this month alone, having met his target for May in three different batches.
However, Bezos, who happens to be the richest person in the world, according to Bloomberg Billionaire Index, still remains in possession of 10% of the trade giant’s shares.
A Promising Avenue for Giving Away Stocks
Amazon was in for quite a great year in 2020, as stocks went for a rise of as much as 76%. Much of this can be owed to people’s growing favour towards internet shopping in the face of the pandemic. However, the company has recently taken a dip since the end of April this year, with stocks plummeting by 7%, possibly due to the increasing risk of inflation.
So far, Bezos has sold $2 billion worth of stocks of the retail platform, ever since its public offering in 1997. These stocks amount to one-fifth of the company’s total stocks. In fact, now Amazon is valued at so high a price, that even small stocks of the company are capable of bringing in revenues in billions. Take, for example, last year, when the stocks of the company fetched in a total of over $10 billion.
From ‘Bezos Earth Fund’ to MegaYacht
Image Credits: Good News Network
Ask Bezos what he plans to do with the additional money, and the answer contains a varied assortment of responses. $10 billion have been kept aside for the ‘Bezos Earth Fund’ to help control climate change. Most of the equity sales are being used to back his ambitious space company, Blue Origin. Indguling in real estate, and having one of the largest megayachts constructed, are also on the list.