The world’s richest man sold $1.1 billion worth of Amazon stocks recently. The move baffled many as the main reason behind the move is still yet to reveal by Jeff Bezos.
According to CNNMoney, Bezos let go of one million shares for $1,097,803,365. He still owns 16% shares of Amazon despite the recent development. The Amazon CEO is now the world’s wealthiest person after leapfrogging erstwhile leader Bill Gates with $90 billion. The Microsoft founder settles for second place with $88 billion.
It was revealed that a surge in Amazon stocks last week helped propel Bezos’s wealth with additional $10 billion. While the main reason is not yet determined at the moment, experts are predicting that the money will be used to fund Bezos’s Blue Origin space tourism project.
Bezos has done similar feat before. In April this year, Bezos revealed he is selling about $1 billion per year worth of Amazon stock to fund Blue Origin. Others are thinking that the move is part of diversification strategies of Bezos since Amazon is doing currently doing well.
Blue Origin claims it could take tourists to space in 2019. It was founded over a decade ago but has yet to launch its first mission to space. To date, all it has ever achieved is test launch unmanned trips. In order to achieve its plans, Blue Origin need to construct a bigger rocket called New Glenn. Once completed, it can now compete with more established rocket companies such as SpaceX and United Launch Alliance.
Blue Origin wants average paying customers to experience what’s it’s like to experience weightlessness in space. On the other hand, SpaceX focuses on delivering satellites and cargoes into International Space Stations. Ultimately, SpaceX’s goal is to fly tourists to Mars to live there.
Another possibility is charity. Bezos recently asked his Twitter followers to give him ideas for his philanthropic activities. “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 added.
It must be noted that Bill Gates and Warren Buffett have founded The Giving Pledge, an organization that encourages the world’s wealthiest people to give a major portion of their wealth to charities or philanthropic causes. Right now, there are 137 billionaires who are part of The Giving Pledge. Bezos has not signed up yet. Many are thinking that if Gates and Buffett have not been giving large portions of their wealth to charity, they could have been placed one and two in the richest rankings list by a mile.
PayPal expands in Europe with $2.2B iZettle deal
India takes strides to boost oil production amid rising prices
Mohawk Group eyes LEED and WELL Building Standard certificates with new showroom
Mortgage rates move up; Gold looks bullish
6 questions you need to ask to achieve your goals
Investing in stamps: A global hobby and investment
Put your money on this Daily Fantasy Sports company ahead of Soccer World Cup 2018 in Russia
Daily Fantasy Sports leader positions to take FIFA World Cup 2018 by storm
Exponential, Inc. founder, Dom Einhorn, thinks charitable fundraising is ripe for disruption
Why courtesy on social media pays off
Promoting women’s football in Malta by UEFA projects
Euro NCAP marks its 20th anniversary with two crash tests
European Parliament’s International Trade Committee backs CETA
The American Heart Association has released four new PSAs
PwC presents 20th global CEO survey results in Switzerland
Crypto4 days ago
Cannabis-crypto combo: Melding two disruptive industries
Featured5 days ago
Are you due for a sabbatical?
Featured4 days ago
How investors can use ESG metrics as great risk management tools
Featured4 days ago
Should you pay taxes using your credit card?
Entrepreneurship5 days ago
5 email automation strategies for startups on a shoestring budget
Featured4 days ago
5 things you need to know about the world’s billionaires club
Base Metals4 days ago
US’ exit from nuclear deal to curtail Iran’s steel expansion goal
Agriculture4 days ago
Orange juice continues rally; Palm oil moves up in weekly charts