Bezos' $4B Stock Sell-Off Sinks Amazon Shares
Amazon's stock price took a hit on Tuesday after its founder, Jeff Bezos, filed plans to sell over $4 billion worth of shares. The tech giant's stock had reached an all-time high just yesterday, but it pulled back following the news that Bezos intends to part with 15 million shares.
The sale is worth more than $4.07 billion, and Amazon's shares were down 2% on the day, leading decliners in the Dow Jones Industrial Average. Despite this pullback, Amazon's stock is still up about 20% year-to-date, thanks to strong earnings and revenue growth.
Amazon joined the exclusive $3 trillion market cap club for the first time yesterday, with its shares reaching as high as $287.20 before closing at $284.02. The company's success can be attributed to its Amazon Web Services sales, which rose 37% year-over-year to $42.2 billion.