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Jeff Bezos dumped $1.8 billion in Amazon stock after its share price skyrocketed


Added 02-05-20 08:14:01am EST - “Amazon shares saw a huge spike last week after the company's triumphant 2019 earnings report, increasing Bezos' personal wealth by $13.5 billion.” - Businessinsider.com

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Posted By TheNewsCommenter: From Businessinsider.com: “Jeff Bezos dumped $1.8 billion in Amazon stock after its share price skyrocketed”. Below is an excerpt from the article.

SEC filings first spotted by CNBC show Bezos started selling off his shares according to a pre-arranged sales plan starting on January 31 and going through to February 3. In total he dumped 905,456 shares, meaning a gain of $1.84 billion.

Amazon's share price spiked following the company's 2019 full-year earnings call on January 30, when it reported earnings far above Wall Street's expectations. The company cracked a market cap of $1 trillion after the publication of its earnings, a feat it first managed in September 2018. The surge in Amazon's share price increased Bezos' personal wealth by $13.5 billion.

Bezos has been known to make similarly massive shares sales in the past. In July and August 2019 he sold almost $3 billion, and the billionaire said in 2017 that he sells at least $1 billion in shares per year to funnel into his space exploration company Blue Origin.

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