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World's wealthiest men including Mark Zuckerberg, Jamie Doman, and Jeff Bezos sell their stock
Jeff Bezos of Amazon, Mark Zuckerberg of Meta, Jamie Dimon of JPMorgan, and other rich men are selling significant portions of their own companies' stock.
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Jeff Bezos, Mark Zuckerberg, Jamie Dimon have sold big chunks of shares in their own companies
The world's wealthiest individuals, including Jamie Dimon, Jeff Bezos, and Mark Zuckerberg, sold shares valued at billions of dollars, but it is still unclear why they did so given that the market was at an all-time high.
World's wealthiest men sell their shares
The widespread billionaire selling has most likely stoked fears of an approaching tax hike or an economic catastrophe, as reported by Daily Mail. They had given ample notice of their trading plans before making any of these sales. To prevent investors from believing that the stock sale was the result of an insider tip about impending negative news, they disclose their intentions before the stock is sold.
In 2023, Silicon Valley had a large-scale layoff, a sign that the tech bubble was seriously stressed. Should President Joe Biden be reelected in November, he has promised to raise taxes on the wealthiest citizens.
In October, Jamie Dimon, the CEO of JPMorgan Chase, stated in a downbeat earnings report that "this may be the most dangerous time the world has seen in decades." Rich investors kept less than 25% of their net worth in the stock market at the end of the previous year, according to data.
Investors sell down for a variety of reasons, such as the impending US tax season or the need for diversification because all of these businesses are now well-established as prominent Wall Street players.
Jeff Bezos sells stock worth billions
In February 2024, Amazon's founder Jeff Bezos sold $8.5 billion worth of stock over nine months. After assuming leadership of the renowned bank in 2006, Jamie Dimon took a historic first step: he sold $150 million worth of his equity.
Dimon listed several urgent issues in October, including the war in Gaza between Israel and the Palestinians, the conflict between Russia and Ukraine, high levels of government debt and deficits, high inflation, and a tight labor market where worker demands for higher wages have led to high-profile strikes in the manufacturing and entertainment industries.
Facebook's founder, Mark Zuckerberg, sold $428 million in Meta shares in 2023 as part of his involvement in the scheme. The Walmart founding family, the Waltons, sold $1.5 billion worth of stock on February 21 and 24. With this, since December, they have already sold $2.3 billion.
It's unknown with clarity how these millionaires will use their wealth. Notably, the projected $300 million cost of Zuckerberg's new compound on the Hawaiian island of Kauai would be paid for using the revenues from his sale.
Below is a list of possible explanations for billionaires shares, as suggested by experts around the world:
- In light of the present stock market valuation, they wish to withdraw their whole shareholding.
- The fact that the United States is about to announce the results of its presidential election this year and how they may affect the market is another explanation offered by experts.
- It's going to be a bad year due to concerns about the Israel-Hamas conflict, the Russia-Ukraine war, and other geopolitical developments.
- Experts speculate that investors might be benefiting from existing tax advantages introduced by the Trump administration.
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