Jeff Bezos, Larry Fink, and other top US execs dodged $1.9 billion in losses by selling their own stock as the coronavirus outbreak worsened
US executives spanning several sectors cashed out a total of $9.2 billion in company stock before markets bottomed on coronavirus fears,Corporate leaders avoided losses totaling $1.9 billion through sales between February 1 and March 19, according to The Journal's analysis. Much of the selling took place through pre-established trading schedules, which help executives skirt allegations of insider trading.
While executives often sell stock at the beginning of the year, sale volume was about 33% greater in recent weeks compared to comparable periods over the last two years, The Journal reported. US stocks tanked over the six-week period as the coronavirus pandemic intensified and an oil-market struggle between Saudi Arabia and Russia fueled additional volatility. Equities slid into their first bear market in 11 years, and by March 20, the S&P 500 sat roughly 30% from its February 19 peak.CEO Jeff Bezos, according to The Journal, who offloaded $3.4 billion in company shares during the first week of February.
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WSJ News Exclusive | Bezos, Other Corporate Executives Sold Shares Just in TimeCorporate executives and officers spared themselves $1.9 billion in paper losses by selling a total of $9.2 billion in shares as the pandemic loomed over the stock market, a Wall Street Journal analysis shows.
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