Jeff Bezos just cashed in R26 billion worth of Amazon shares, in what could be his biggest stock sell-off ever
- Amazon CEO Jeff Bezos just sold around R26 billion worth of stock.
- The sale of 965,612 shares represented 1.6% of his total holding in Amazon.
- Bezos' net worth stands at R1.7 trillion, according to the Bloomberg Billionaires Index.
- The R26 billion could be used to help fund his space company, Blue Origin.
- For more stories, go to www.businessinsider.co.za.
Jeff Bezos just sold a whole bunch of Amazon stock.
According to Amazon filings with the Securities and Exchange Commission on Wednesday night, Bezos dumped 965,612 shares in the final three days of July, at a value of around $1,900 (R27,000) per share.
That means the world's richest man just bolstered his cash reserves by more than $1.8 billion (R26 billion). Bezos' total net worth stands at $117 billion (R1.7 trillion), according to the Bloomberg Billionaires Index.
Forbes said the sell-off could be Bezos' largest in dollar value since he founded Amazon in 1994 and grew the online retailer into a near-trillion dollar company.
The 965,612 shares represented 1.6% of his total holding in Amazon, which now stands at 58,142,479 shares following the July sell-off.
Bezos said last year that he liquidates $1 billion (R14 billion) of Amazon stock every year to pay for his rocket company, Blue Origin. "The only way I can see to deploy this much financial resource is by converting my Amazon winnings into space travel," he said in an interview with Axel Springer CEO Mathias Dopfner.
It is not known if the cash from his July sale will also be put towards Blue Origin. An Amazon spokesman did not immediately respond to Business Insider's request for comment.
Receive a single WhatsApp every morning with all our latest news: click here.
Also from Business Insider South Africa:
- Discovery Bank has quietly launched a new version of its app – and users hate it
- All the big SA companies that are currently looking for CEOs - including the Post Office and Postbank
- The war over Vitality: Why Discovery is taking Liberty to court
- We compared gym fees in Joburg, Cape Town, Durban and Pretoria – and the cheapest start at R199
- Woolworths has now lost nearly R12 billion in 5 years trying to go big in Australia
- Facebook just took down hundreds of accounts connected to the Saudi Arabian government, which were being used to spread propaganda