Amazon Stock Is Falling. This Could Be a Reason Why.

1 min read
76 views

Amazon.com
Executive Chairman Jeff Bezos unloaded company stock last week, and according to a report the founder of the e-commerce giant could be preparing to sell more.

Bezos sold around $240 million worth of
Amazon
(ticker: AMZN) shares last week, according to a filing with the Securities and Exchange Commission. The transactions were listed as contributions to nonprofit organizations, which weren’t disclosed.

Shares of
Amazon
fell 1.8% on Nov. 15, and 0.3% on Nov. 16, the dates when both of the stock sales were executed.

Following the transaction made of Nov. 16, Bezos still held 988.3 million shares of Amazon, which amounted to around 10% of the company.

Amazon stock was falling again Tuesday. There was no clear reason for the decline, but the drop did follow a report from CNBC that said Bezos would be selling even more Amazon shares. According to the report, which cited sources, Bezos may sell around 8 million to 10 million shares, which would be more than $1 billion worth of stock.

Amazon didn’t immediately respond to a request for comment from Barron’s.

Shares of the e-commerce and tech company declined 2.2% to $142.88 on Tuesday, a day when the tech sector was trading lower. Amazon stock has gained 70% this year.

Write to Angela Palumbo at [email protected]

Read the full article here

Leave a Reply

Your email address will not be published.

Previous Story

Alstom shares plunge again amid fears of capital raise to trim debt burden

Next Story

Trump attends college football game in key early-voting state of South Carolina

Latest from Markets