Offbeat Jeff Bezos sells over $ 3 billion in Amazon shares

12:45  06 august  2020
12:45  06 august  2020 Source:   t3n.de

Jeff Bezos, the press-shy billionaire, to face the harsh spotlight of Congress

  Jeff Bezos, the press-shy billionaire, to face the harsh spotlight of Congress The Amazon boss is the only tech CEO appearing Wednesday who hasn't yet sat before a public hearing in Congress.Along with three other tech CEOs -- Apple's Tim Cook, Alphabet's Sundar Pichai and Facebook's Mark Zuckerberg -- Bezos is reluctantly appearing on Wednesday before a House of Representatives subcommittee that's investigating the power of big tech companies. The hearing, which will be Bezos' debut before lawmakers, is part of a 13-month investigation by the House's antitrust subcommittee into the tech platforms. It follows a swirl of antitrust investigations by the Department of Justice, Federal Trade Commission, state attorneys general and the European Union.

Amazon CEO Jeff Bezos this week has sold more than $ 3 .1 billion worth of shares in his company, according to filings with the Securities and Exchange By way of comparison, Bezos sold .8 billion worth of shares in 2019. Bezos has previously said he's selling about billion of Amazon stock a

This week sales bring the total amount of his shares sold to more than .2 billion in 2020 so far, while in 2019, the total cash out was .8 billion worth of shares .

Amazon-Chef Jeff Bezos. © dpa Amazon CEO Jeff Bezos.

Amazon CEO Jeff Bezos has again sold over $ 3 billion in Amazon shares. As a result, $ 7.2 billion was already flowing into his account in 2020.

With a fortune worth over 170 billion dollars, Amazon boss Jeff Bezos is currently by far the richest person on the planet. Bezos also owes this money mountain to the current soaring of the Amazon share . It has grown by almost 70 percent since the beginning of the year and is currently around $ 3,200. The market value of the e-commerce group, which particularly benefited in the corona crisis, is $ 1.6 trillion. The $ 3 billion that Bezos has earned from selling shares in in the past few days is almost negligible. $ 7.2 billion in 2020

MacKenzie Bezos Donates $1.7 Billion to Racial Equality and Other Causes

  MacKenzie Bezos Donates $1.7 Billion to Racial Equality and Other Causes The ex-wife of Amazon founder Jeff Bezos made a massive donation to several charities.Her charitable contributions make good on her signing of The Giving Pledge in May 2019, vowing to donate most of her wealth to philanthropic causes over her lifetime. She wrote -- under MacKenzie Scott, the name she now uses -- that the $1.7 billion was distributed across organizations committed to racial and gender equity, economic mobility, public health, climate change and more.

And yet for the seller, Jeff Bezos , it barely puts a dent in his stake in the e-commerce giant. The disposal, disclosed Wednesday in Securities and For Bezos , 56, this year has been a reversal from years of relative restraint in reducing his stake in Amazon . He still holds more than 54 million shares

This comes after Bezos sold .8 billion worth of stock back between January 31 and February 3 . Bloomberg observed back in February that in the 15 years after Amazon went public, Bezos sold a fifth of the company for billion . So in February he sold shares equal to roughly one-hundreth of this

Overall, Bezos has sold Amazon shares worth over $ 7.2 billion in the current year, as

CNBC writes . Already in March, shortly before the prices of tech stocks collapsed because of the worsening corona crisis , Bezos had sold shares of his company worth $ 3.4 billion . For comparison: In 2019 as a whole, it was “only” 2.8 billion dollars. By the way, even after the recent sales, Bezos still holds around 54 million Amazon shares worth over $ 170 billion. What Bezos does with the money is not known in detail. It is said that around one billion a year flows into his space company Blue Origin.

Bezos should also donate a few million to

. However, he is not as hardworking as his former wife MacKenzie Scott (formerly Bezos). After the divorce from Jeff Bezos, Scott had received part of the Amazon shares from the joint property and had risen to become a multi-billionaire herself. She had already announced to in May 2019 that she wanted to donate at least half of this money. Most recently, she donated $ 1.7 billion to charity to . Share sales according to plan One thing Jeff Bezos cannot be accused of is that he always sells Amazon shares when they are particularly valuable - and takes advantage of them. Bezos sells its stock packages according to plan, specifically according to the "Rule 10b5-1" set up by the SEC. It specifies in advance in which period and in which price range shares will be sold. This is intended to prevent possible insider trading. The current share sale was also part of this plan.

More on the subject:

Jeff Bezos makes $ 13 billion in one day

Bezos 'biggest profiteer: 434 billion for US billionaires in corona crisis

Tiktok star visualizes Jeff Bezos' billion-dollar fortune - with rice grains

Prosecutors are investigating Amazon’s treatment of third-party sellers .
Attorneys general from New York and California are joining the FTC to look into Amazon MarketplaceThe news comes after intense questioning over Amazon’s Marketplace practices during the hearing. Rep. Lucy McBath (D-GA) asked CEO Jeff Bezos whether its actions toward Marketplace sellers was a pattern of behavior. She played testimony from a third-party bookseller who believed Amazon had blocked their store, without providing an explanation why, effectively destroying her business.

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