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Jeff Bezos Offloads $1.8 billion Of His Amazon Stock

Jeff Bezos sold around $1.84 billion in Amazon shares recently, financial filings released on February 4 show. The Amazon CEO, who owns about 11.5% of outstanding Amazon shares, sold 905,456 shares in pre-arranged sales on January 31 and February 3.

The sales filed with the Securities and Exchange Commission show that they were timed for just after Amazon reported its Q4 2020 earnings on January 30. Amazon shortly joined the ‘Trillion dollar club’ with its shares rising in the wake of a blowout earnings report.

The Company posted over $3 billion in quarterly profits.

Amazon Stock

On February 4, the Amazon stock (AMZN) closed up 2.27%, enabling the Company to reach a market cap of over one trillion for the first time. Amazon Inc joined Microsoft, Apple, and Google’s Alphabet Inc to rank among the wealthiest companies in the US with a 13-digit valuation.

The Company had flirted with $1 trillion in intraday trading on January 31 and then on February 3. However, it failed to sustain the valuation at the close of both trading sessions.

This occurrence appeared quite familiar to Amazon. The e-commerce giant first earned a $1 trillion valuation on September 4, 2018. But, on that occasion, it also happened on an intraday basis. It failed to remain above the level through the close.

The Company also tried to close above the elite trillion-dollar valuation in July 2019 but without success. Market caps are considered official at the end of any trading day.

Bezos sold almost $3 billion worth of Amazon stock in August 2019 as the Company was going through its worst losing streak in nearly 13 years. The CEO said in 2018 that he is channelling almost $1 billion annually of his personal money toward Blue Origin, his private space venture.

Jeff Bezos has a net worth of about $124 billion, according to the Bloomberg Billionaires Index. Amazon shares have beaten the S&P 500 over the past year, gaining 24% compared to SPX, +1.50% 20% gains.

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