Bezos Sells Billions in Amazon Stock as Market Capitalization Hits New High

Amazon's stock took a hit on Tuesday after reports emerged that founder Jeff Bezos had filed to sell more than $4 billion worth of shares. The sale, which occurred through Morgan Stanley on Monday, follows Amazon's blockbuster second-quarter earnings report.

The company's market capitalization reached a historical high of $3 trillion for the first time on Monday, after investors cheered Amazon's strong financial performance. Shares have climbed more than 20% so far this year, with the rally extending gains that began after Amazon reported earnings last week.

Amazon's retail business remains its largest operation by revenue, but it was the continued strength of Amazon Web Services (AWS) that captured investors' attention. AWS generated $42.2 billion in revenue during the quarter, significantly ahead of analysts' expectations of $40.54 billion.