Massive Amazon Stock Sale: Bezos Sells $5.7B Before Earnings Report
Since late June, Jeff Bezos has deftly sold shares of Amazon stock AMZN -0.30% for a cash out of $5.7 billion. Under a 10b5-1 trading plan, which lets corporate insiders sell stock in accordance with a pre-set timetable, these transactions were carried out. With the final 4.2 million sold for $954 million just days before the company’s second-quarter earnings report on July 31, the sale covered 25 million shares.
This timeline corresponds with a 38% rise in the Amazon stocks since its low in April. Investors are worried about whether the company's significant investments in artificial intelligence will eventually boost profits despite this upward trend. At 12% revenue growth and 15% average earnings growth, other leading technology companies lag behind this pace.
Amazon has set a...