Amazon stock is solid, what you want to own: Mike Murphy
Rosecliff founder and managing partner Mike Murphy provides stock insight following Tuesdays opening bell.
Amazon founder Jeff Bezos on Tuesday disclosed his plans to sell some $5 billion worth of his shares in the company, the same day the e-commerce giant's stock hit a record high.
Bezos revealed in a Securities and Exchange Commission (SEC) filing that he plans to offload 25 million Amazon shares. Earlier in the day, the stock price reached an all-time high of $200.43.
Amazon stock hit an all-time high on Tuesday, the same day founder Jeff Bezos revealed plans to sell off 25 million shares.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMZN | AMAZON.COM INC. | 197.59 | -2.41 | -1.21% |
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Amazon.com, Inc.
Amazon shares ticked down below $200 on Wednesday, but the stock is up nearly 32% year-to-date, outpacing the 4% gain of the Dow Jones Industrial Average index.
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After the sale plan, Bezos would own about 912 million Amazon shares, or 8.8% of the outstanding stock.
Jeff Bezos attends the 10th Annual LACMA Art+Film Gala presented by Gucci at Los Angeles County Museum of Art on Nov. 6, 2021. (Axelle/Bauer-Griffin/FilmMagic / Getty Images)
He sold shares worth roughly $8.5 billion in February, after the stock rallied 80% in 2023.
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Bezos is ranked the second-richest person in the world with a net worth of $214.4 billion, according to Forbes. He is also the founder of space company Blue Origin, which launched a six-person crew to the edge of space in May.
Jeff Bezos speaks about his flight into space on Blue Origin’s New Shepard during a press conference on July 20, 2021, in Van Horn, Texas. (Joe Raedle/Getty Images / Getty Images)
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Amazon posted upbeat first-quarter results in April, as the Seattle-based technology behemoth rode the artificial intelligence wave. The company recently replaced Adam Selipsky as the head of its cloud computing unit with insider Matt Garman.
Reuters contributed to this report.
