Amazon CEO Jeff Bezos, the newly minted richest individual on the earth, simply bought greater than $1 billion value of his inventory.
The sale was made public in a submitting posted Friday. In complete, Bezos let go of 1 million shares for $1,097,803,365.
Exactly how Bezos plans to spend these Benjamins wasn’t clear. But it is not unprecedented for him to promote such a big chunk. In May, he bought greater than one million shares. An identical sale was executed in August 2016.
Even after his most up-to-date unload, Bezos nonetheless personally owns a couple of 16% of Amazon, which he based in 1994.
Bezos’s giant possession stake helped vault him previous Microsoft co-founder Bill Gates because the richest individual on the earth, in accordance with the Bloomberg Billionaire’s Index.
Related: Jeff Bezos simply handed Bill Gates for world’s richest individual
His wealth spiked final week when Amazon inventory jumped 13.5% after a stellar earnings report. Thanks to the inventory surge, Bezos’s web value climbed greater than $10 billion to a complete of greater than $90 billion.
For comparability, Bill Gates is presently value about $88 billion.
One attainable vacation spot for the money Bezos simply freed up is his industrial house firm, Blue Origin. Earlier this yr, Bezos advised reporters at an area symposium that he sells about $1 billion per yr value of Amazon inventory to fund the corporate, in accordance with Reuters.
Related: Jeff Bezos’s Blue Origin take a look at fires game-changing rocket engine
Blue Origin was based greater than a decade in the past, however has but to finish its first mission. The outfit’s preliminary aim is to ship vacationers to the sting of house on a sub-orbital rocket, referred to as New Shepherd.
So far, the corporate has performed solely unmanned take a look at launches. Last month, Blue Origin Chief Executive Officer Bob Smith stated he expects the primary manned flight to happen by April 2019.
Blue Origin may have money for brand bad new endeavors in its pipeline.
The agency is trying to construct a a lot bigger rocket, dubbed New Glenn, that can be able to carrying satellites into orbit. That would permit Blue Origin to compete with the likes of SpaceX and United Launch Alliance for profitable launch contracts.
Another attainable use for Bezos’s money is charity. The tech mogul stated in June that he needs to begin placing some money behind philanthropic efforts, and he requested his Twitter followers for recommendation.
“I’m thinking I want much of my philanthropic activity to be helping people in the here and now — short term — at the intersection of urgent need and lasting impact,” he wrote.
CNNMoney (New York) First printed November four, 2017: 5:19 PM ET