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Crypto Time to Sell Amazon? Jeff Bezos Dumps Nearly $2 Billion Worth of Shares


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Crypto Time to Sell Amazon? Jeff Bezos Dumps Nearly $2 Billion Worth of Shares

Jeff Bezos dumped $1.84 billion worth of AMZN shares just as Amazon became a trillion-dollar company. Bezos worked as a portfolio manager in his twenties, which means he is proficient in identifying market cycles. Bezos could be selling more shares in the coming days. The smart money is cashing out right before our eyes and…

Crypto Time to Sell Amazon? Jeff Bezos Dumps Nearly $2 Billion Worth of Shares

Crypto

  • Jeff Bezos dumped $1.84 billion worth of AMZN shares just as Amazon became a trillion-dollar company.
  • Bezos worked as a portfolio manager in his twenties, which means he is proficient in identifying market cycles.
  • Bezos could be selling more shares in the coming days.

The smart money is cashing out right before our eyes and the richest man on the planet is spearheading the fire sale.

Amazon chief executive Jeff Bezos dumped a boatload of AMZN shares last week. according to Open Insider. In a series of sales, Bezos distributed 905,456 shares of his company for a whopping $1.84 billion.

Will Meade shocked to learn that Bezos dumped billions worth of AMZN shares. | Source: Twitter

To me, this is a sign that the local top is in for AMZN shares. Amazon had a stellar earnings report for the quarter ending December 2019 and Bezos grabbed the opportunity to sell at all-time highs. One hedge fund manager believes that Amazon’s CEO knows when a market tops out.

Crypto Bezos Worked as a Portfolio Manager at a Global Investment Company

Before Bezos founded Amazon, the richest man in the world was once a portfolio manager at global investment firm D.E. Shaw. CNBC reports that Bezos became one of the company’s vice-presidents in just four years. This tells me that Amazon’s top honcho is highly-proficient in spotting market trends.

Billion-dollar hedge fund manager Will Meade also thinks that Bezos can see when business cycles end. On Tuesday, Meade pointed out to his followers that the tech giant’s CEO spent the early days of his career in finance as a portfolio manager of a “legendary” investment company.

People forget that Bezos was once an employee. | Source: Twitter

Crypto Bezos Sold Very Close to AMZN’s All-time High

The CEO began selling shares between Jan. 31 and Feb. 3, according to SEC filings. The day before the sale began, Amazon announced stellar fiscal fourth-quarter earnings. The blockbuster earnings report sent the stock flying by 12% in after-hours trading.

The next day, Amazon climbed as high as $2,055.72 and crossed the trillion-dollar mark in terms of market cap. During that day, over 15.5 million AMZN shares traded hands. Bezos alone was responsible for 7% of Amazon’s daily trading volume. He dumped nearly 1.1 million shares of his company on Jan. 31.

On Feb. 3, Amazon printed a volume of 5.86 million shares, with Bezos accounting for 12.5% of the day’s trading volume. These figures tell me that Bezos knows what he’s doing.

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Mati Greenspan, founder of Quantum Economics, shares my sentiment. He also believes that Bezos’ selling indicates that the top is in. He compared Bezos to Charlie Lee of Litecoin who sold all of his LTC holdings when the 2017 crypto bull market topped out.

Bezos is the Charlie Lee of tech stocks. | Source: Twitter

Crypto Bulls Are Not Yet Sounding the Alarm

Bulls argue that this is not the first time Bezos dumped billions worth of Amazon stocks. According to CNBC, he also made massive sales in 2017 and 2019. In 2018, Bezos revealed that he plans to use the proceeds of the sales to fund his space exploration startup, Blue Origin.

It’s important to consider that Amazon’s chief executive may plan to sell more shares in the coming days. In August, Bezos sold close to $3 billion worth of Amazon equities. There’s a possibility that a larger sale is at play.

Disclaimer: The above should not be considered trading advice from CCN.com. The writer does not own any Amazon (AMZN) shares.

This article was edited by Sam Bourgi.

Last modified: February 5, 2020 2:22 PM UTC

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