As Amazon’s share price soared last week, Jeff Bezos cashed in a tonne of shares.
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.