Stocks
Bezos Sells Another $4 Billion in Amazon Shares as Market Value Hits $3 Trillion
Amazon's market value briefly surpassed $3 trillion last week after a blockbuster second-quarter earnings report.
The company's cloud computing division, Amazon Web Services (AWS), drove growth with revenue up 36.7% annually to $42.2 billion.
AWS has now surpassed the $25 billion annualized revenue run rate and is growing at triple-digit rates.
However, excitement was short-lived as founder Jeff Bezos disclosed plans to sell another 15 million Amazon shares worth approximately $4.07 billion under pre-arranged SEC Rule 10b5-1 trading plans.