Rosecliff Founder and Managing Partner Mike Murphy provides stock updates after the stock market opens Tuesday.
Amazon founder Jeff Bezos on Tuesday unveiled plans to sell about $5 billion worth of his shares in the company, the same day the e-commerce giant’s stock hit a record high.
In a filing with the Securities and Exchange Commission (SEC), Bezos revealed that he plans to sell 25 million shares of Amazon stock. Earlier in the day, the stock price hit an all-time high of $200.43.
Amazon shares hit an all-time high on Tuesday, the same day its founder Jeff Bezos revealed plans to sell 25 million shares.
| Teleprinter | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMZN | AMAZON.COM INC. | 197.59 | -2.41 | -1.21% |
Amazon shares fell below $200 on Wednesday, but the stock is up nearly 32% year to date, outpacing the 4% gain in the Dow Jones Industrial Average.
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After the sale plan, Bezos would own about 912 million Amazon shares, or 8.8% of the shares outstanding.
Jeff Bezos attends the 10th Annual LACMA Art + Film Gala presented by Gucci at the Los Angeles County Museum of Art in Los Angeles on November 6, 2021. (Axelle/Bauer-Griffin/FilmMagic / Getty Images)
He sold about $8.5 billion worth of shares in February after the stock rose 80% in 2023.
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According to Forbes, Jeff Bezos is the second richest person in the world with a net worth of $214.4 billion. He is also the founder of the space company Blue Origin, which launched a crew of six to the edge of space in May.
Jeff Bezos speaks about his flight to space aboard Blue Origin’s New Shepard during a news conference in Van Horn, Texas, on July 20, 2021. (Joe Raedle/Getty Images / Getty Images)
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Amazon reported positive first-quarter results in April as the Seattle-based tech giant rode the artificial intelligence wave. The company recently replaced Adam Selipsky as head of its cloud computing division with Matt Garman.
Reuters contributed to this report.
News Source : www.foxbusiness.com
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