The world’s richest man dumped 1.5 million Amazon shares between July 29 and Aug. 2, cashing out about $2.8 billion, new U.S. Securities and Exchange Commission filings showed. The selling reduced his stake in Amazon to 57.6 million shares, or about 11 percent.
His timing was impeccable considering Amazon shares were flirting with their ninth straight day of losses on Tuesday, having shed almost 9 percent of their value over the past week as traders have dumped stocks amid a ratcheting up of trade tensions between the U.S. and China. The losing streak was the longest for Amazon's stock since 2006, according to Dow Jones Market Data.
The world's richest man has also been taking some time out recently to enjoy the finer things in life.
Last month, he was spotted with his girlfriend Lauren Sanchez at the Allen & Company media conference, dubbed the “summer camp for billionaires.”
Days later, the pair was seen checking out the epic Wimbledon final between Switzerland’s Roger Federer and Serbia's Novak Djokovic.
And on Saturday, Bezos and Sanchez were in Canton, Ohio, to see Tony Gonzalez, the father of Lauren’s 18-year-old son Nikko Gonzalez, be inducted into the NFL Hall of Fame, according to the New York Post.
Also included in last week's filings: Bezos gave 19.7 million Amazon shares to his ex-wife Mackenzie in order to comply with their divorce settlement, and donated another 268 shares to an unnamed nonprofit.
While it's unclear what Bezos plans to do with the proceeds of the sales, he told Axel Springer CEO Mathias Dopfner that he sells about $1 billion worth of Amazon stock each year in order to fund his space company, Blue Origin.
Bezos is the richest man in the world, with a net worth of $110 billion, according to the Bloomberg Billionaires Index.