The mass sale has prompted fears of a economic downturn, or it could be fears of a looming hike in taxesThe mystery of the billions of dollars worth of stock sold by some of the wealthiest in the world despite the market continuing at an all time high remains.
At the tail end of last year, it was reported that wealthy investors kept less than 25 percent of their net assets in the stock market. Jamie Dimon, chairman and CEO of JPMorgan, shilled $150 million this past week - his first stock sale since taking the reins at the bank nearly two decades agoJamie Dimon sold $150 million worth of his stock, the first time he'd much such a move since taking over the reins of the famed bank in 2006.
It's unclear where exactly these billionaires will spend their money. Zuckerberg's sell off will pay for his new compound on the Hawaiian island of Kauai said to cost nearly $300 million. The $8.5 billion sold by Bezos is less than the $8.8 billion he sold in 2021. In 2021, Zuckerberg also parted ways with $2.8 billion between November 2020 and July 2021.
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