Amazon CEO Jeff Bezos spared himself $317 million in paper losses by selling $3.4 billion in the tech giant’s shares in early February
By Susan Pulliam, Coulter Jones and Andrea Fuller March 24, 2020 5:30 am ET Top executives at U.S.-traded companies sold a total of roughly $9.2 billion in shares of their own companies between the start of February and the end of last week, a Wall Street Journal analysis shows.
The sales represented roughly 3% of Mr. Bezos’s Amazon holdings, according to the most recently available regulatory filings. He sold almost as much stock during the first week in February as he sold during the previous 12 months.There is no suggestion that the executives sold shares based on any inside information. The stock market hit an all-time high in February, and executives often sell shares early in the year for tax and other reasons, including preset trading strategies.
A spokesperson for BlackRock said Mr. Fink’s sales were a small percentage of his holdings and that he sold $18 million in stock around the same time last year. The sales were about 5% or less of Mr. Fink’s holdings, according to his latest filing. The stock market’s plunge may have triggered some plans, depending on the details, says Adam Epstein, who advises companies on corporate governance practices.
Among the executives who sold stock this year but not last year was Marc Rowan, co-founder and director of Apollo Global Management Inc. He sold $99 million in February and early March, avoiding paper losses of about $40 million. A spokesperson pointed to an Apollo public filing that described a plan, put in place last fall, allowing Mr. Rowan to sell shares.
Ms. Loeffler’s husband, Jeffrey Sprecher, chief executive of Intercontinental Exchange Inc., owner of the New York Stock Exchange, sold $18 million in shares of the company he heads during the period, including $15 million in March. That compares with a monthly average off less than $2 million stock in 2019, according to the analysis.
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