Jeff Bezos, the richest man on planet sold stocks worth $3.1 billion amidst the US Election. It was reported that Bezos sold around 1 million stocks of Amazon Inc. The price of the stock were around $2,950 and $3,075 per share.
According to the report by SEC (Securities and Exchange Commission), the transactions were made on November 2 and 3, and the buyer of the shares was not specified. After deducting taxes, Bezos is estimated to receive $2.3 billion.
Even with the latest stock sale, Bezos still owns more than 53 million shares worth nearly $170 billion, making him the richest person in the world. In August, Bezos sold $3.1 billion worth of Amazon shares. In the first week of February, he sold over $4 billion worth of Amazon shares. Hence in 2020 alone, he has sold around $10 billion worth of Amazon shares. This sale of such big amounts has been rumoured with majorly two events.
Bezos has previously said he sells about $1 billion of Amazon stock each year to fund his rocket start-up, Blue Origin. Blue Origin a space-tech company founded in 2000 which aims to make access to space cheaper and more reliable through reusable launch vehicles. This is the company and idea of the “visionary Jeff”.
Two, Bezos has made various commitments in the last few years when it comes to charity. He announced a $10 billion Bezos Earth Fund dedicated to fighting climate change in February, though he has not announced any details about the planned giving. The Atlantic reported Tuesday that Bezos is expected to give $100 million each to the Nature Conservancy, the Environmental Defense Fund, the Natural Resources Defense Council and the World Wildlife Fund.
Bezos also promised $2 billion in 2018 to fund existing charities helping homeless families, and to start a network of nonprofit, Montessori-inspired preschools for low-income neighbourhoods. The first Bezos Academy opened in October in a town south of Seattle, Washington, where Amazon is based. These are the shades or ideas of the “charitable Jeff”.
A statement cannot be published about the reason for the recent stock sales.