The world’s richest person sold $1.1 billion worth of Amazon’s stock

Amazon’s CEO Jeff Bezos, world’s richest person with a net worth of $93.7 billion has recently sold $1.1 billion worth shares of the company’s stock, as reported by Security and Exchange Commission.

Microsoft’s co-founder Bill Gates has now become the world’s 2nd richest man with $4.1 billion lower than Jeff Bezos. Jeff sold one million of the Amazon’s shares, worth $1.1 billion a couple of days ago.

Bezos’s wealth spiked last week when Amazon stock jumped 13.5% after an increased earnings report. Thanks to the stock surge, his net worth climbed more than $10 billion to a total of more than $90 billion. For comparison, Bill Gates is currently worth around $88 billion.

It’s the second time this year that Bezos has sold one million shares of Amazon. The first time was in May. This recent sale was $150 million more profitable pre-tax than the first because Amazon’s share price was 12% higher this go round. After paying capital gains taxes, Bezos will pocket an estimated $840 million from this week’s sale.

Jeff also has ambitions to donate for philanthropic efforts as he recently tweeted for suggestions following the footsteps of Bill Gates who has always been active in giving charity funds.

At the beginning of this year, Bill Gates and about 18 other billionaires like Jeff Bezos had also teamed up and created a firm called Breakthrough Energy Ventures. With the investment of $1 billion, their aim is to create clean energy sources at a cheaper cost.