- As other billionaires bled money, Jeff Bezos is up over $2 billion this year.
- The Amazon CEO sold stock in early February just before the crash. He saved hundreds of millions in paper losses in the process.
- Compared to other big-tech stocks, Amazon’s market losses are minimal.
Jeff Bezos was made for times like these. His online commerce giant Amazon (NASDAQ:AMZN) is set to be one of the gainers amid the coronavirus pandemic.
Today, Bezos is the only top-ten billionaire who has added to his net worth as others lost billions.
In early February, he sold Amazon stock worth $3.4 billion before the markets crashed. He saved around $317 million in paper losses in the process, according to The Wall Street Journal.
Bezos sold Amazon stock just before it hit all-time high
When Bezos sold his batch of AMZN shares in early February, the stock was priced above $2,000. It would eventually peak a week later at $2,185. Currently, the stock is trading just above $1,900.
While there’s no evidence to suggest Bezos acted on insider information, his transaction came at a time when the stock market was said to be overvalued. He sold his shares just after the United States recorded its first confirmed coronavirus infection – in Bezos’ home state of Washington, no less.
Bezos is the only person worth over $100 billion
Following the market crash triggered by the coronavirus pandemic, Bezos is now the sole billionaire worth over $100 billion. He leads Bill Gates with a difference of over $27 billion.
Besides selling a substantial amount of his Amazon stock in February, Bezos donated nearly $5 million worth of AMZN shares at current prices.