- Amazon’s stock plummeted by 3.19% on Monday.
- Amazon’s CEO and Founder, Jeff Bezos, could have lost another $90 million had he not sold $2.8 million in
Amazon shares before Monday. - The fall in stocks has resulted in a $3.4 billion fall in Bezos’ net worth.
Amazon’s $4 by 3.19% and Bezos’ net worth dipped to $110 billion on Monday. He’s still the richest man in the world — just $3.4 billion lighter.
Cashing out just in time
It’s not just Bezos that was hit. US stocks plummeted on Monday resulting in a 2.1% reduction in the collective wealth of the 500 most wealthy people in the world, which comes up to approximately $5.4 trillion.
Bloomberg’s Billionaires Index lost a little over $1 billion with $4, Apple, Alphabet and Amazon $4
Bezos’ Amazon might have taken a hit but the billionaire caught a lucky break $4 worth of the Amazon shares over the last three days of July. He even sold another$4 during the first two days of August.
When Bezos was selling these shares, the stock price was around $1,900. When the markets closed on Monday, the stock price had hit $1,765.13.
And, since Bezos sold 530,000 Amazon shares early this month, he will net an estimated $750 million in cash after taxes, according to $4.
Even though Bezos has not disclosed the intended purpose of the cash, his past comments indicate that it will likely go into funding Blue Origin, his space company.
A direct hit of the China US trade war
The $4started sometime last week after US President Donald Trump announced that he had plans to extend tariffs to almost all Chinese imports. Since then, the yuan $4 against the US dollar in a over a decade.
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