Jeff Bezos sold $3.4bn of Amazon stock just before Covid-19 collapse
Millions of people across the world have lost their jobs, and trillions of dollars have been wiped off the value of stock markets.
But not everyone has lost out. Jeff Bezos, the world’s wealthiest person, is $5.5bn (£4.3bn) richer today than he was at the start of the year. His paper fortune, held mostly in Amazon shares, rose by $3.9bn on Thursday alone to $120bn – enough to buy 188,000 standard gold bars (even taking into account the soaring price of gold).
Bezos, 56, benefited this week from the best three-day stock market rally since 1933 helping Amazon’s share price to recover almost all of its losses this month to trade at about $1,920, though that was slightly down on their peak of $2,170 in February. Bezos owns about 12% of Amazon’s shares.
He saved himself from larger losses by selling a big chunk of his Amazon amazon stock price 2007 in February, before the worldwide scale of the coronavirus crisis was fully acknowledged and before the stock market collapse.
Regulatory filings show that Bezos sold $3.4bn worth of Amazon shares in the first week of February, just before the stock price peaked.
There is no suggestion that Bezos acted improperly by selling the shares or that he was acting on non-public information about the impact of the pandemic. But his timing was near-perfect. The share sales, which represented about 3% of his total holding, were much greater than Bezos had made in previous months. The stock sold was as much as he had sold in the previous 12 months, according to analysis by the Wall Street Journal.
Other US executives that have been either lucky or smart by selling large chunks of their shareholdings in February include Larry Fink, the chief executive of fund manager BlackRock, amazon stock price 2007 saved potential losses of $9m, and Lance Uggla, CEO of data firm IHS Markit, who sold $47m of shares on 19 February that would have dropped to $19m if he had held on to them.
In total US executives sold about $9.2bn in shares of the companies they run in the five weeks before the start of the stock market rout. Selling before the 30% amazon stock price 2007 in the market saved them from paper loses of $1.9bn.
St. Mary's Cathedral in Cheyenne will be holding its annual Christmas, Jewelry, and Bake Sale on Saturday, December 4 from 12-8 pm, and Sunday, December 5 from 8 am-2 pm. The event will be held at the church on 100 W 21st St.
Admission is free and there will be plenty of Christmas goodies to look through!
There will also be a raffle, with tickets being $1 each and 6 tickets going for $5! Raffle Items include:
- A Queen Size hand-sewn quilt
- A weekend getaway to Steamboat Springs, CO
- An authentic food and wine basket
- A jeweled angle needlepoint
All proceeds from the bake sale will be going to Mary's Fund, which will be assisting and supporting young women and girls in Villa Mornese, a Catholic boarding home that provides education and healthcare needs to girls in Tuxtla Gutierrez, Mexico.
Inside Amazon: A Detailed History of America's Biggest Online Retailer
Stacker compiled a list of key moments in Amazon's history and its current business from a variety of sources. Here's a look at the events that turned an online bookstore into a global conglomerate and a self-made entrepreneur into the world's second-richest man.
By Ainsley Harris7 minute Read
When Chad Anglin opened Pigment in San Diego with his wife, Amy Paul, in 2007, they envisioned creating a gallery space for local artists. As the pair added furniture, home goods, and gifts, customers began to flock to their carefully curated average american savings 2020 and macramé aesthetic. Over time, the couple expanded into a 3,000-square-foot storefront, and then opened two additional locations. Ten years in, Pigment had become a fixture in its community and at the industry trade shows where Anglin and Paul sourced many of their products, from candles and doormats to crystals and greeting cards.
It was around then that Anglin discovered Faire. The San Francisco startup, led by a group of former Square employees, offers store owners a way to discover new products and buy wholesale, without the hassle of trade shows and paperwork. In just a few years, Faire has grown to reach 300,000 retailers and 40,000 brands. In mid-November, the company raised $400 million in Series G funding, bringing its valuation to $12.4 billion.
“It’s just very easy to use,” Anglin says of Faire’s minimalist, e-commerce-style platform. “We’ve been able to find a lot of vendors who don’t necessarily have the money to go to the trade shows.”
Anglin is reconsidering the expense and time involved in going to trade shows, too. “It’s not as worth it to go when the online community is so robust these days,” he says.
“We are on track to do over a billion dollars in GMV (gross merchandise value) this year,” Faire cofounder and COO Jeff Kolovson recently told Reuters.
It’s a big number, but also one that suggests ample room to grow: Shopify, by comparison, is on track to do $160 billion in GMV this year.
Faire’s sudden success might seem surprising, given the standard narrative about retail in America: Amazon is taking over, and Main Street shops are paying the price.
Anu Hariharan, a partner at Y Combinator’s Continuity Fund for growth-stage investments—which invested in Faire after it got its start as a YC company—says that many investors were skeptical of Faire’s Demo Day pitch following the company’s participation in YC’s winter 2017 startup batch.
“‘Retail is a dog market,'” Hariharan recalls them telling Faire’s founding team. The company’s potential, she adds, was “not amazon stock price 2007 alt width="300" height="300">But the dynamics with regard to Amazon and retail are more nuanced than many investors realized. Specialty retailers that have adapted to operating in Amazon’s shadow are thriving, in some cases, by investing in areas where Amazon struggles, such as customer service and storytelling. They are also eager to stock the kind of design-forward, “je ne sais quoi” products that are better suited to in-person browsing than online searching. On Faire, which means “to do” or “to make” in French, products like that are front and center.
“When push comes to shove, Amazon picks the consumer, and that puts them in kind of an adversarial relationship with their suppliers,” says Faire cofounder and CEO Max Rhodes. “I consider us really fortunate to never have to make compromises against our mission. When we make tiebreaks, sometimes we have to go with the brand, sometimes we go with the retailer, but we’re always benefiting small businesses.”
To retailers, Faire isn’t shy about positioning itself as part of the Amazon resistance. The company makes it as easy to find products that are “not on Amazon” as it is to find products that are handmade or eco-friendly. “Not on Amazon” search results on Faire’s site include tattoo balm and silicone baby bibs.
“We’ve pressed that [filter option] a lot,” says Pigment’s Anglin. “If we have a vendor and they start selling on Amazon, depending on the relationship with that vendor, we’ll probably stop amazon stock price 2007 with them, or diminish our orders.”
“One of the main things that [small retailers] want to know is, when my customers come in here, have they seen this before? Can they easily find this online, elsewhere?” Rhodes says. “And so that’s what leads them to seek out products that aren’t available on Amazon, aren’t available on Walmart.”
Surfacing unique products, however, is where some makers take issue with Faire. The company charges makers a 25% commission on new orders and a 15% commission on reorders. It also seeks to honor existing relationships between brands and store owners through a program called Faire Direct; if a brand brings a store to Faire, through a custom link, Faire waives its commission fee.
In the near term, however, this model incentivizes Faire to optimize for new orders, which can lead to choices that disadvantage some vendors. “They were suggesting other jewelers with 50% of my order minimum requirement on my profile page—in between my products and my ‘about me’ section,” one maker told Wholesale in a Box, a training program and blog. “We saw our wholesale sales go down after we started referring [store owners] to Faire.”
‘Open with Faire’ allows aspiring shopkeepers to apply for up to $20,000 in Faire credit to purchase inventory.
“Not on Amazon” may work for indie makers. But for larger brands, independent retailers have to be part of a mix that likely includes Amazon, as well as big-box retailers.
Kate Lubenesky, president of W&P, which designs sustainable kitchen products, has a brand m to ft inches on both Faire and Amazon. The model works, she says, because of W&P’s careful attention to pricing.
“If you walk into a gift store and you see a bottle that you love, you might check Amazon for the star rating and see, is this a five-star product? Yes, great,” Lubenesky says. “But you’re not going to see it for half the price [on Amazon]. We keep a very tight control on our distribution so that there aren’t rogue sellers out there who are selling at a discount and undercutting the independent retailers.”
Going forward, Faire’s growth depends, in large part, on the health of the specialty retail sector, which is still reeling from COVID-19 and bracing for supply chain shortages. Neighborly goodwill, says retail analyst Pam Danziger, author of Shops That Pop!, will not be enough to save Amazon stock price 2007 Street.
“You find survey after survey of consumers saying they support small businesses,” Danziger says. “But when it comes down to it, they’re often opting for convenience. What they say their values are, versus what they actually do, are very different.”
Faire recognizes this, and is looking for ways to lower amazon stock price 2007 barriers to entry for independents (and, of course, accelerate its own growth). One of its newer product offerings, Open With Faire, allows aspiring shopkeepers to apply for up to $20,000 in Faire credit to www walmart money card customer service inventory, plus a 60-day grace period before payment is due.
After joining the site as the would-be owner of a holiday popup shop, I received a series of emails from Faire encouraging me to borrow in order to get my dream off the ground. “You’re eligible for $5,000 to $20,000 in net-60 terms, for free,” one email said. “For context, the usual limit we issue is between $500 and $3,000.”
If those tactics feel aggressive, well, more than $1 billion in venture backing comes with aggressive growth targets. Next year, Faire plans to launch a credit card. Rhodes says he aspires to evolve the company into an “operating system” for wholesale, with tools like a CRM for brands, and inventory management for retailers. “The story of the independent retailer over the last 50 years has been a story of adaptation,” he says.
Faire will have to adapt along with them.
Business Highlights: Twitter’s Dorsey, Amazon do-over
Twitter CEO steps down, leaves company at a crossroads
SAN FRANCISCO (AP) — Jack Dorsey is leaving his post as Twitter’s chief executive. It’s the second time in his career that he’s stepped down from the job. This time he says it’s by choice. Dorsey offered no specific reasons for his resignation Monday beyond an abstract argument that Twitter should “break away” from its founders. He started the company and spent 16 years there in various roles. He will be succeeded by Twitter’s current chief technology officer. Dorsey was the social platform’s first CEO in 2007 until he was forced out the following year, then returned to the role in 2015.
Amazon workers in Alabama get a do-over in union election
NEW YORK (AP) — A new union election for Amazon workers in Bessemer, Alabama, will be held based on objections to the first vote that took place in April. The move is a major blow to Amazon, which had spent about a year aggressively campaigning for warehouse workers in Bessemer to reject the union, which they ultimately did by a wide margin. The rare call for a do-over was first announced by the Retail, Wholesale and Department Store Union, which spearheaded the union organizing movement. A National Labor Relations Board spokeswoman confirmed the decision.
Food, gas prices pinch families as inflation surges globally
BUDAPEST, Hungary (AP) — From appliance stores in the United States to food markets in Hungary and gas stations in Poland, rising consumer prices are putting a pinch on households and businesses worldwide. As economies recover from pandemic lockdowns, increased consumer demand, high energy costs and supply chain disruptions have fueled rising inflation. Countries like Poland and Hungary are among those feeling the price spikes most acutely. Their weakening currencies and import-focused economies make them particularly vulnerable to price hikes, and their inflation rates are among the highest in Europe. The new coronavirus variant, omicron, has raised fears of more closures that could further strain global commerce and send prices even higher.
Powell says COVID variant clouds inflation, economic outlook
WASHINGTON (AP) — Federal Reserve Chair Jerome Powell says that the appearance of a new COVID-19 variant could slow the economy and hiring. He also says it raises uncertainty about inflation. Powell says in remarks to be delivered to the Senate Banking Committee Tuesday that he recent increase in coronavirus cases and the emergence of the omicron variant pose downside risks to employment and economic activity and increased uncertainty for inflation. He adds that the new variant could also worsen supply chain disruptions.
Stocks rise as Wall Street steadies following omicron slide
NEW YORK (AP) — The stock market steadied itself Monday following a slide last week brought on by the newest coronavirus variant. Investors are waiting for more clues about just how much damage the new strain may do to the economy. The S&P 500 ended 1.3% higher, recovering more than half its drop from Friday. Bond yields and crude oil also recovered chunks of Friday’s knee-jerk reaction to run toward safety and away from risky investments. While the market was steadier, it didn’t return to the full-on rally it had been on before the discovery of the variant now known as omicron.
GivingTuesday CEO talks about campaign, younger donors
In the past 10 years, charities have made splashy fundraising appeals and raked in billions in donations on GivingTuesday, which takes place the first Tuesday after Thanksgiving. Last year, American donors gave nearly $2.5 billion amid growing needs brought on by the COVID-19 pandemic and the nation’s racial reckoning. How much money will flood into charities this Tuesday is anyone’s guess. Asha Curran, the CEO of the organization that promotes the campaign, says people are also gearing up to participate in ways that don’t involve giving money. The AP recently talked with her about the campaign, younger donors and other things.
Shoppers are back in store, online, but virus impact lingers
NEW YORK (AP) — Americans are spending freely and going back to store shopping, knocking out some of the momentum in online sales from last year when Americans were making many of their purchases exclusively via the internet. Shopper traffic roared back on Black Friday, but it was still below pre-pandemic levels in part because retailers spread out big deals starting in October. The early buying also is expected to take a bite out of online sales on Monday, amazon stock price 2007 known as Cyber Monday. Still, Black Friday is expected to once again be the busiest shopping day of the year, while Cyber Monday should also be the year’s biggest online spending day.
Millions of German state employees to get raise, COVID bonus
BERLIN (AP) — About 3.5 million state-level employees and civil servants in Germany will receive a 2.8% raise and a tax-free COVID-19 bonus of about $1,470 next year. The agreement announced by two unions Monday also will see higher raises and hazard pay for workers in some medical and care professions and a tax-free bonus of 650 euros for trainees and interns. The deal between the unions and most of Germany’s 16 states follows a series of strikes particularly in the health care sector. The agreement is valid for two years. It applies to public hospitals, schools, police, fire services and bureaucrats in all states except Hesse, where a similar agreement was reached last month.
The S&P 500 rose 60.65 points, or 1.3%, to 4,655.27. The Dow Jones Industrial Average gained 236.60 points, or 0.7%, to 35,135.94. The Nasdaq added 291.18 points, or 1.9%, to 15,782.83. The Russell 2000 index of smaller companies fell 3.96 points, or 0.2%, to 2,241.98