Stocks
Amazon Shares Plummet 1.7% on Insider Sell-Off
Amazon.com (NASDAQ:AMZN) shares declined by 1.7% on Wednesday after a company insider sold shares in the e-commerce giant.
The stock's price dropped as low as $270.73 and last traded at $272.65, with 44,394,739 shares being traded during mid-day trading, representing a decline of 12% from its average daily volume of 50,381,449 shares.
This decline in share price comes after CEO Douglas J. Herrington sold 1,000 shares of Amazon.com stock on Monday, August 3rd, at an average price of $278.39, totaling a value of $278,390.00.
Herrington now owns 483,527 shares in the company, valued at $134,609,081.53, following the sale, which represents a 0.21% decrease in their ownership of the stock.