Jeff Bezos Sold $1.8 Billion in Amazon Stock in Last 3 Days of July

Journalist:
August 1, 2019

Amazon founder Jeff Bezos sold almost 1 million Amazon shares worth $1.8 billion in the last three days of July 2019. The sales reduced Bezos’ stake in Amazon to about $110 billion.

According to an SEC filing, Bezos sold 960,000 Amazon shares for $1,900 a share from July 29 to July 31 in three separate transactions. After the sales, Bezos still owns 58.1 million AMZN shares and remains the online retailer’s largest individual shareholder.

Billionaire Bezos sold $1.8 billion in Amazon stock during the last three days of July 2019. | Source: SEC filing

Mackenzie Bezos is now Amazon’s second-largest shareholder

Jeff’s ex-wife, MacKenzie Bezos, is now Amazon’s second-largest individual stakeholder pursuant to the couple’s April 2019 divorce settlement. Under that agreement, MacKenzie took $35.6 billion in Amazon stock and left Jeff with 75% of their joint AMZN holdings, as well as voting control of her shares.

After her lucrative divorce, MacKenzie Bezos became the fourth-richest woman in the world. Not surprisingly, MacKenzie said she was “happy” with her settlement following the dissolution of her 25-year marriage.

Bezos will sell $1 billion in Amazon stock every year to fund space company

The latest sale of 960,000 Amazon shares is Jeff Bezos’ first since October 2018, when he sold $33 million in Amazon stock.

The move is not a surprise. In 2017, Bezos said he would sell $1 billion in Amazon shares every year to finance his spaceflight company, Blue Origin, whose goal is to explore and colonize space.

“My business model right now for Blue Origin is, I sell about a billion dollars a year of Amazon stock, and I use it to invest in Blue Origin,” Bezos said in 2017. “So the business model for Blue Origin is very robust.”

Even with the latest divestment, Jeff Bezos’ net worth still tops $117 billion, according to the Bloomberg Billionaires Index.

Amazon founder Jeff Bezos’ net worth tops $117 billion. | Source: Bloomberg

Space wars heat up between Elon Musk and Jeff Bezos

As CCN reported, Tesla billionaire Elon Musk mocked Bezos as a copycat in April amid news that the Amazon founder plans to launch 3,200 satellites into space.

Bezos’ venture is called Project Kuiper, and its goal is to provide high-speed internet service to millions of people in underprivileged communities. Bezos revealed his plans in federal filings from March 2019.

Musk reminded Bezos that launching satellites to provide broadband access to under-served communities is something he did in 2018 — when his space-exploration company SpaceX launched Starlink, which involves nearly 12,000 satellites.

SpaceX submitted its regulatory filings for the project back in 2017.

The space wars between Musk and Bezos is years in the making. Musk founded SpaceX in 2002 to make space travel accessible to everyday people and to colonize Mars.

In 2015, when Bezos bragged about Blue Origin’s successful rocket launch, Musk clapped back on Twitter. Musk gleefully pointed out that his company had done the same thing — three years earlier.

Analyst predicts 50% spike in AMZN over the next year

Meanwhile, Amazon’s long-term prospects appear to be off-the-charts, according to several Wall Street analysts.

Michael Levine, an analyst with Pivotal Research Group, predicts that Amazon stock will rocket 50% over the next year to top $2,800 a share. Using Levine’s projection, that means Amazon — which is currently valued at $924 billion — could rocket to $1.35 trillion by 2020.

Levine predicts that Amazon will surge because it has “the highest-quality management and franchise,” and called it “a must-own name with huge upside.”

Moreover, Levine said Amazon’s move toward one-day shipping is a major catalyst that’s propelling it to “owning the consumer’s wallet.” Levine says even in spite of Amazon stock’s recent slowdown, it’s still set to explode in the near term.

Last modified (UTC): August 2, 2019 05:40

Samantha Chang @Samantha_Chang

Samantha Chang is a New York City-based financial editor who writes about crypto and business at . She is a law school grad and an alum of the University of Pennsylvania. You can reach her on Twitter at Samantha Chang or email her at schang121@juno.com.