Post by The Big Daddy C-Master on Aug 5, 2016 18:13:00 GMT -5
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Coming off its third-straight earnings beat, yielding a stock price that has skyrocketed some 40% over the past year, Amazon.com, Inc. (AMZN) is on fire. The company's founder, Jeff Bezos, has just rewarded himself a massive bonus worth $756 million.
Via a filing with the Securities and Exchange Commission, the billionaire CEO earlier this week sold exactly 1 million Amazon shares at an average price of $757.21, totaling $756 million. This comes less than a month after Bezos passed Berkshire Hathaway Inc. (BRK.A) (BRK.B) CEO Warren Buffett to become the world's third-wealthiest person.
To be sure, Bezos still owns a massive amount of Amazon shares, estimated at over 81 million, or just over 17% of the company. This recent sale falls in line with what he's done in the past and on a regular basis. He's sold huge chunks of shares each year on a predetermined schedule. The reason for the sales may vary.
In May, for instance, he sold 1% of his AMZN position for $671 million. In addition to that sale, Bezos gave 3,141 shares to an undisclosed nonprofit organization, according to the filing. Nonetheless, this recent sale for $756 million still stands out.
Why this time and for this amount? Here's a thought: Only Microsoft Corporation (MSFT) chairman Bill Gates and Amancio Ortega, the majority owner of Zara's parent company Inditex, stands in Bezos' way to become the world's richest person. ith shares of Amazon trading at near all-time highs, Bezos may want to ensure that he keeps up the pace.
Coming off its third-straight earnings beat, yielding a stock price that has skyrocketed some 40% over the past year, Amazon.com, Inc. (AMZN) is on fire. The company's founder, Jeff Bezos, has just rewarded himself a massive bonus worth $756 million.
Via a filing with the Securities and Exchange Commission, the billionaire CEO earlier this week sold exactly 1 million Amazon shares at an average price of $757.21, totaling $756 million. This comes less than a month after Bezos passed Berkshire Hathaway Inc. (BRK.A) (BRK.B) CEO Warren Buffett to become the world's third-wealthiest person.
To be sure, Bezos still owns a massive amount of Amazon shares, estimated at over 81 million, or just over 17% of the company. This recent sale falls in line with what he's done in the past and on a regular basis. He's sold huge chunks of shares each year on a predetermined schedule. The reason for the sales may vary.
In May, for instance, he sold 1% of his AMZN position for $671 million. In addition to that sale, Bezos gave 3,141 shares to an undisclosed nonprofit organization, according to the filing. Nonetheless, this recent sale for $756 million still stands out.
Why this time and for this amount? Here's a thought: Only Microsoft Corporation (MSFT) chairman Bill Gates and Amancio Ortega, the majority owner of Zara's parent company Inditex, stands in Bezos' way to become the world's richest person. ith shares of Amazon trading at near all-time highs, Bezos may want to ensure that he keeps up the pace.
