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Bezos' Massive Amazon Stock Sale Hits Company's Shares

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AMZN
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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.

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