Jeff Bezos Imitates Charlie Lee, Sells $1.7B In Amazon Stocks

Despite the fact that we are not seeing an amazon cryptocurrency, Jeff Bezos sold about $1.7 billion worth of Amazon stocks in just a few days and their share price reached a new all-time high and to many, his decision was similar to the one of Litecoin’s founder, Charlie Lee. In our crypto news today, we find out more about this story.

In 2017 in December, many investors on the crypto market had troubles but for some, it was a great period. for example, Bitcoin hit a record high of $20,000 and all of the other coins rallied beyond any level that a user could imagine. In the meantime, there was the story of Charlie Lee who decided to sell all of the Litecoin holdings in the same year. The litecoin project has been in a huge crisis since then regarding the trust of its founder, as many said that he has no skin in the game anymore.

It now looks like Jeff Bezos imitates Charlie Lee pulling the same decision as he did. The online retail giant has been quietly selling $1.7 billion worth of his stocks in Amazon according to the documents that were filed with the Securities and Exchange Commission. He finished the sale in two days and sold the top, believing that Amazon cannot climb any higher. January was the month when Amazon’s stock jumped from $1,828 to $2,008 and is currently trading for $2,049.

The similarity in moves of the Jeff Bezos sell off to the one of Charlie Lee didn’t go unnoticed in the crypto sphere as well. Mati Greenspan wrote on Twitter that Bezos is the Charlie Lee of tech stocks and the sell-off means that the top is in. Charlie Lee was seen as the top HODL persona in the community but he went from HODL to SODL in 2017 and won him a lot of ridicule in the community. The Litecoin Foundation has struggled to remain solvent since then.

As per the DC Forecasts reports, the donations to the foundation were just $1,000 in the first quarter of 2019 and a founder selling off their holdings is usually a bad sign but this could not be true for Amazon. Regarding the plans of an Amazon cryptocurrency, there’s still no information but the stocks of the company won’t crash because of the sell-off.