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In a quest to fund the Blue Origin project, Amazon CEO Jeff Bezos continued with his initial plan to sell shares. He has now sold $3.5 billion worth of shares in a week after AMZN stock jumped higher and the company joined the $1 trillion club.
Amazon CEO Jeff Bezos has sold almost $3.5 Billion worth of Amazon’s (AMZN) shares in the last one week, in the quest to fund his aerospace project Blue Origin. According to filings from the Securities and Exchange Commission (SEC), Jeff sold slightly over 900k shares on Friday, January 31, 2020, for a whopping $1.84 Billion. Later on Tuesday, he additionally sold 800k more shares for around $1.65 Billion.
It is a huge coincidence in the sale as it comes at a time when the company joins a few other American companies to have a market capitalization of $1 trillion. This is after Amazon’s share leaped higher to trade more than $2,000 per share from the previous resistance zone than prevailed last year at $1,800.
Jeff Bezos basically sells part of his Amazon shares every year, whereby last year he sold 1.5 million shares for about $2.8 billion despite the negative trend in the value of the shares that year.
Bumper Harvest in Amazon’s Shares
The American online sale and tech company have enjoyed a good market reception considering the stiff competition faced by other online retailers like Walmart. The shares are up by 27% from last year, which has greatly influenced and increased the company’s valuation.
At the time of news reporting, Amazon’s (AMZN) shares were trading at $2050.23, slightly higher than the all-time high ever attained. It is a positive indication that the shares are doing well and as the trading volume increase by the day, the bulls are expected to push higher as the year progresses. The shares are on the rise after the company revealed that there are almost 150 million prime investors, which reciprocated to a 12% rise within a day.
In the recent report, Amazon reported a 21 percent rise in the revenue from the last quarter, where it posted $87.4 Billion. This was beyond most expectations after analysts set it at $86.15 Billion. The company also reported $1 billion more in the operating income at $3.9 Billion.
With Amazon enjoying market capitalization of more than $1 trillion, the shares will be ranked in the same league as those from Apple, Alphabet, and Microsoft which crossed the same mark. The company is projecting its sales in the first quarter to range between $69 Billion and $73 Billion, wherein the projected operating income is set at $ 4.2 billion up from $3 billion.
With Amazon continuing to report extemporary good results, Jeff Bezos continues seeing his net worth increase to more than $12 billion and become the biggest beneficiary.