Why Amazon Stock Is Pulling Back This Morning
Shares of Amazon (NASDAQ: AMZN) slumped Tuesday, shedding as much as 3.2%. As of 11:55 a.m. ET, the stock was still down 2.27%.
The downtrend in the broader market likely added to the pressure, but the catalyst that pushed the e-commerce and cloud computing leader lower was a report that former CEO and founder Jeff Bezos was selling a large chunk of Amazon stock -- but the devil's in the details.
A regulatory filing submitted last week showed that Jeff Bezos had disposed of two large swaths of Amazon stock. The Form 4, which provided details of the transactions, showed the billionaire disposed of more than 1.6 million shares of Amazon stock worth more than $239 million.
Source Fool.com
