Jeff Bezos Sold $1.1 Billion Worth of His Amazon Stock
Amazon’s CEO Jeff Bezos has recently sold 1 million shares in his company. The sales began shortly after a strong earnings report pushed Amazon’s stock up by more than 8%. Bezos’s net worth surged above $90 billion, once again making him the richest person in the world. Over the past year, Bezos has jockeyed for the top spot with Microsoft founder Bill Gates.
Bezos has sold large stakes in his own company twice before in recent years, but still owns about 16% of Amazon, which is now one of the five largest companies in America by market value.
Many see his selloff of Amazon stock as a part of the same sort of diversification strategy a typical investor might pursue, since the company is performing well.