The Strategist

Forbes: Billionaires sell $9.3B worth of stocks since the beginning of 2023

07/03/2023 - 09:35

According to U.S. Forbes, 21 billionaires sold shares of companies worth $ 9.3 billion in the first half of this year.

Alex Proimos
Alex Proimos
U.S. Forbes calculated that 21 billionaires among the world's wealthiest people sold shares valued at $ 9.3 billion in the first half of this year. Each businessman sold shares for at least $100 million, according to the magazine.

Co-founder of the short-term rental company Airbnb Joe Gebbia, who sold shares in the business for $ 890 million, is one of the leaders of the ranking. Now that he owns 8% of Airbnb, this deal accounts for the majority of his money, which is pegged at $7.9 million.

Entrepreneur Larry Ellison has sold $850 million worth of shares of Oracle, the company he founded, since the year's commencement, totaling approximately $2 billion since 2020. The firm bought back certain equities from him, and the number of shares sold was not greater than the number of shares he received owing to expired options. Despite this, Forbes USA notes, his share in Oracle has not diminished but rather risen.

Following the "terrible" year of 2022, the world's wealthiest individuals are once more "in the mood to sell." The reasons for this vary; according to the publication, some billionaires are selling securities from companies they have left, others are investing in sports team purchases, and still others are selling securities back to companies.