Jeff Bezos has been on a selling spree in the past week. The Founder and CEO of the world’s largest e-commerce retailer sold $579.8 million worth of Amazon shares last Friday.
The billionaire founder also sold $1.8 billion worth of shares last Tuesday and Wednesday.
The transactions were reportedly apart of a pre-arranged 10b5-1 trading plan, according to SEC filings.
What Were The Sales For?
Jeff Bezos, reportedly just spent a whopping $165 million on a Beverly Hills property. The house was reported to be the most expensive property in Los Angeles.
Although the purchase is a small fraction of Bezos’ net worth, this is still a very expensive purchase. The $165 million Warner Estate is just an eighth of a percent of Bezos’ net worth.
One can only assume that part of the sales of his Amazon shares were used to purchase this iconic estate, designed in the 1930’s for Jack Warner, former president of Warner Bros.
Bezos has been on a spending spree over the last 5 years. Over the years, he has picked up prime real estate in some of New York City’s most expensive areas. He has also purchased a ranch in Texas, homes in Washington State, California, and Washington DC. Bezos is currently the 28th largest landowner in the United States.
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