Jeff Bezos sells 1% of his Amazon shares to pocket home a hefty $671 million

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Just to put into perspective how rich Jeff Bezos is, he on Friday sold 1% of his stake in Amazon and took home $671 million. Even after this, he still owns 17% stake in Amazon which makes up 90% of his total fortune value. He is as per Forbes the 4th Richest man in the world an estimated wealth of $45 billion. With Amazon fortunes on a rise, one can only see Jeff’s wealth swooning in the near future.

In addition to selling shares, Bezos also gave 3,141 shares to an undisclosed nonprofit organization, according to the filing. That’s a gift worth about $2 million. He also made a gift of 741 Amazon shares, about which no details were disclosed.

Amazon’s share price has climbed fairly steadily since January 2015, lifting Bezos’ net worth as it has risen. For the 2015 billionaires list, Forbes calculated Bezos’ net worth at $34.8 billion. The surge in Amazon’s stock price lifted Bezos into the top 10 richest in the world for the 2016 Forbes list of the World’s Billionaires in March this year, with a net worth Forbes pegged at $45.2 billion.

Since then, Amazon stock has continued to rise, particularly after the company beat analyst expectations for first quarter 2016 net income in late April. The pop in shares added $6 billion to Bezos’ net worth in after-hours trading on April 28. According to Forbes Real Time Rankings, Bezos has a current net worth of $58.6 billion.

Amazon.com had more than $100 billion in revenues in 2015, and has cemented its spot as a powerhouse in its cloud computing business, Amazon Web Services.

Bezos has sold Amazon shares before, though he doesn’t do it that often. In early August 2015, he sold 1 million of his Amazon shares over 3 days, when the stock was trading in the $529 – $538 per share range, according to an SEC filing. At the same time he donated 1,870 shares of Amazon to a non-profit organization, a gift worth approximately $990,000.

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The sales this week are not his biggest stock sale in terms of number of shares sold, but they did reap more cash for Bezos than previous sales. From May 3 to May 13, 2010, he sold just over 2 million shares of Amazon; shares were trading around $125 at the time. He also sold 2 million shares between August 3 and August 5, 2009; shares were trading in the $80 range back then.

A spokesman for Amazon declined to comment on why Jeff Bezos had sold shares of Amazon this week. But it makes sense that he would want to diversify his investments. Forbes estimates that more than 90% of his net worth lies in the value of the Amazon stock he owns.

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