Jeff Bezos sold $3.4bn of Amazon stock just before Covid-19 collapse

[OhioChick]

Millions of people across the world have lost their jobs, and trillions of dollars have been wiped off the value of stock markets.

But not everyone has lost out. Jeff Bezos, the world’s wealthiest person, is $5.5bn (£4.3bn) richer today than he was at the start of the year. His paper fortune, held mostly in Amazon shares, rose by $3.9bn on Thursday alone to $120bn – enough to buy 188,000 standard gold bars (even taking into account the soaring price of gold).

Bezos, 56, benefited this week from the best three-day stock market rally since 1933 helping Amazon’s share price to recover almost all of its losses this month to trade at about $1,920, though that was slightly down on their peak of $2,170 in February. Bezos owns about 12% of Amazon’s shares.

He saved himself from larger losses by selling a big chunk of his Amazon shares in February, before the worldwide scale of the coronavirus crisis was fully acknowledged and before the stock market collapse.

https://www.theguardian.com/business/2020/mar/27/jeff-bezos-sold-34bn-of-amazon-stock-just-before-covid-19-collapse

[OAITW r.2.0]

1. He fucked a lot of fish in the market.

When the sell orders came through, I am sure they fed this problem to a lot of mall-time buyers who thought it was a prudent investment. May be, but they'll have to hold for a looooong time.

[Amishman]

2. I assume Amazon has some of the world's finest market analysts

Not surprising he was one of the first to realize what this would become

[liberalmuse]

3. He's not stupid, that's for sure.

Almost everyone saw this coming. I can't stand Bezos, but a smart business man would see the outbreak in China, look at Trump and then sell his stock before the shit hit the American fan.

[alittlelark]

4. I saw this mid Jan and I also took advantage.

I saw it thru vids from Wuhan.

[Quixote1818]

5. This is probably not insider trading like those in congress who were briefed.

A lot of people who are smart and connected saw this coming including several in my family who sold everything in Feb.

[Drumpf hater]

6. Bezos is one of the most evil men in America

I’ve noticed how the Washington Post has become a lot more Rockefeller Republicanish-eh, excuse me, neoliberalish- since he bought the paper.

[marybourg]

7. I saw this, or something like it, coming as soon as

a large minority of Americans voted a malevolent nincompoop into the Presidency. I sold my equity shares 1/3 per year in 2017, ‘18 and ‘19.

[alittlelark]

8. UH - Everyone I know is using Amazon 4x more

......not sure why his sale would be in any way profitabe.

[PupCamo]

12. I was thinking the same thing

[renate]

19. That's what I thought too

He’s probably kicking himself. Or his financial advisors.

[smirkymonkey]

9. Bezos needs to pony up and start helping during this crisis.

Any billionaire who isn't using their money to help hospitals and people in need during these times should be ....

Umm... help me out here.

[alittlelark]

10. I fully understand the sentiment !!!!!

His company is providing home deliveries and zotting profiteers. They r hiring actively.


YES - he is a SHIT employer

BUT - Amazon is a lifeline for MANY ppl in this country.

I am an 'Hour From an Onion' - seriously. Google Jemez Springs and produce.

Our Farmers market will open in 3 months.

[2naSalit]

13. Not allowed to do business in the US.

[smirkymonkey]

14. Hi 2naSalit! Not sure what you mean.

Bezos is not allowed to do business in the US? He does.

[2naSalit]

15. I meant anyone with such wealth

who refuses to use some of that wealth to help should not be allowed to do business in the US. He is getting far too big and his workers are treated like slaves. He needs some comeuppance I'm thinking.

[smirkymonkey]

16. Oh, ok.

He should definitely be using his money to help people out. I agree!

[2naSalit]

17. He's looking more like the Waltons every day.

[kimbutgar]

11. I have really restrained myself the last two weeks and have not brought anything on Amazon

[elias7]

18. There's really nothing wrong with this

Anyone with some sense has been aware that something bad was starting to happen and Trump was blocking the reality. Many people have pulled much out of the market.