Bezos' Massive Amazon Stock Sale Hits Company's Shares
Amazon's stock price took a hit on Tuesday after founder Jeff Bezos filed plans to sell over $4 billion worth of Amazon shares. This comes as no surprise, given that Amazon's shares have been soaring since its strong earnings and revenue growth.
In a regulatory filing with the Securities and Exchange Commission, it was revealed that Bezos intends to sell 15 million shares of Amazon stock, valued at more than $4.07 billion.
Despite this news, Amazon's shares are still up about 20% year-to-date, boosted by strong earnings and revenue growth. The company's stock hit a record high on Monday, but it pulled back today following Bezos' plans to part with some shares.