Bezos Sells Amazon Shares Worth Over $4 Billion
Amazon's stock took a hit on Tuesday after founder Jeff Bezos filed plans to sell over $4 billion worth of Amazon shares. The move comes just one day after Amazon reached a record high, with its market capitalization surpassing $3 trillion for the first time.
The regulatory filing revealed that Bezos intends to sell 15 million shares, which is roughly equivalent to a 2% decline in the company's stock price. Despite this pullback, Amazon's shares are still up about 20% year-to-date, thanks in part to strong earnings and revenue growth driven by its cloud computing division, Amazon Web Services.
Bezos' decision to sell his shares comes on the heels of a significant increase in his wealth, with Forbes estimating his net worth at over $200 billion. However, it's worth noting that Bezos has previously donated a portion of his wealth to charitable causes, including 220,200 shares donated to non-profit organizations on May 4.
Amazon's stock price has been on the rise since the company reported better-than-expected profit and revenue in its latest earnings report. The company's sales have been driven by strong demand for cloud computing services, with Amazon Web Services generating $42.2 billion in revenue, nearly $2 billion above estimates.