I hope you don’t shed too many tears, but Jeff Bezos just lost $15.2 BILLION as the stock market absolutely PUKED on Friday.
Poof, gone!
Easy come, easy go I guess.
Here was the headline going viral on Twitter:
It was blood everywhere:
The joke is that CNBC’s Jim Cramer is wrong so much that whatever he says usually causes the opposite to happen….
So seeing this did not exactly help matters:
Jeff Bezos took a big hit in the shorts:
From SeekingAlpha:
A broader selloff in the tech sector has wiped off $134B from the fortunes of the world’s richest 500 people, including Amazon (NASDAQ:AMZN) founder Jeff Bezos, whose wealth plunged by $15.2B on Friday, according to the Bloomberg Billionaires Index.
Other tech billionaires, Tesla (TSLA) CEO Elon Musk and Oracle (ORCL) chairman Larry Ellison, also saw their wealth contract by $6.6B and $4.4B, respectively, as Nasdaq (COMP:IND) entered correction territory on weak economic data and disappointing financials from the “Magnificent 7.”
Amazon (AMZN) fell ~8.8%, its biggest intraday drop since April 2022, as the e-commerce giant indicated a disappointing outlook for the third quarter following a mixed quarterly report.
Meanwhile, Bezos witnessed the third-worst one-day drop in his wealth after April 4, 2019, and April 29, 2022, when AMZN sold off in reaction to his $38B divorce settlement with MacKenzie Bezos and a weak quarterly report from the company, respectively.
But that’s not really why I’m covering this story.
Jeff Bezos will be fine.
He still has hundreds of other billions.
What really fascinated me about this story is that Bezos seemed to see this coming.
Remember when I told you about this?
Remember I said it sure feels like someone knows something?
WOW!
Check this out:
BREAKING: Jeff Bezos Sells ANOTHER $863.5 Million of Amazon Stock!
No, this is not a reprint of an old article.
This is brand new breaking news that Jeff Bezos has just sold MORE Amazon stock.
A lot more....
$863.5 million more!
Take a look:
This is on the sales from last week that we recently reported on, making it $1.2 BILLION in the last WEEK alone:
Grok confirms:
Here's the report I brought you just last week:
REPORT: Jeff Bezos Selling ANOTHER $5 Billion In Amazon Stock!
I always say: watch what they DO, not what they SAY....
And what "they" (the Wall Street insiders) are doing is Selling.
BIG LEAGUE.
It was just last year when we told you Jeff Bezos was selling $8.5 billion of Amazon stock:
I'll republish that entire report down below in case you missed it.
But apparently times are tough and he needs some more "walking around money" because new reports say he is selling ANOTHER $5 billion!
Of course, maybe times aren't tough at all for Bezos....
The man has more money than he could spend in a lifetime.
But perhaps he just knows what is coming?
Perhaps he knows a 1929-level stock market crash is imminent?
What do you think?
Here was our original report from late last year (2023):
Insider's Selling (Part 1): Jeff Bezos Sells $8.5 BILLION of Amazon Stock
As always, never just listen to what they say....watch what they DO!
And just like Nancy Pelosi trading stocks, these insiders rarely lose.
I mean, why would they?
They set the rules, so when it's their game of course they're going to win.
And right now they're all flashing SELL in bright red letters.
Is that because they know it's a market top or close to it?
It makes you wonder.
This is going to be a 3-part series and we're starting with Amazon's Jeff Bezos.
Jeff Bezos isn't really hard up for cash, but he just sold $8.5 BILLION worth of stock -- yes, that's Billion with a B:
Talk about raising some serious cash!
From the BBC:
Multi-billionaire Jeff Bezos has sold another 14 million Amazon shares, worth around $2.4bn (£1.9bn).
The latest sale brings the total number of shares he has sold in the firm over the last nine trading days to about 50 million, with a value of around $8.5bn.
The tech giant had previously said Mr Bezos would sell up to 50 million shares by the end of January 2025.
His sales of Amazon stock comes after they have risen by more than 76% in the past year.
Mr Bezos, who is the firm's founder and executive chair, had previously last sold Amazon shares in 2021.
He has also given away shares in Amazon as part of his philanthropy, most recently in 2022.
As Mr Bezos moved to Miami in Florida from Seattle in Washington last year, he will save almost $600m in tax on the $8.5bn worth of stock he has sold.
Gains above $250,000 from the sale of shares or other long term investments, are taxed at 7% in Washington state. Florida does not have state taxes on incomes or capital gains.
However, he will still be liable to federal taxes as a result of selling the shares.
When Mr Bezos announced his move to Florida it prompted speculation over whether it was because of a potential tax bill he would have faced in Washington after the state approved a new tax on large stock sales.
Mr Bezos said in November that his parents had recently moved back to Miami where he spent some of his childhood and that he wanted to be close to them and to his Blue Origin space project, which was "increasingly shifting to Cape Canaveral".
"Lauren and I love Miami," he wrote on Instagram, referring to his fiancée Lauren Sánchez.
He did it in smaller chunks of $2 billion a piece.
I guess I should put "smaller" in quotes, because 2 Billion of anything isn't really small, is it?
Fox Business had more details on his latest round of selling:
The Amazon founder conducted the latest transactions involving nearly 12 million shares on Friday and Monday. They were disclosed in a Tuesday filing with the Securities and Exchange Commission (SEC).
The stocks amounted to about $2.08 billion.
Amazon informed investors earlier in February that Bezos had taken up a trading plan in November that would involve the sale of a maximum of 50 million shares by Jan. 25 of next year. The latest sales — and another set last week — were tied to that.
Prior to the stock sales disclosed Tuesday, Bezos had parted ways with roughly $2.04 billion worth of Amazon stock, another SEC filing showed.
Bezos, who relocated to Florida from Washington with his fiancée Lauren Sanchez, could see massive tax savings on stock sales in the Sunshine State compared to Washington, where he created the e-commerce giant. While neither state has an income tax, Washington recently implemented a 7% capital gains tax.
As usual, Patrick Bet-David has some of the best analysis out there.
Here's what PBD had to say:
By the way, I don't fault ANYONE for making money....as long as it's done legally and ethically.
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