Stock market speculators are talking about the impenetrable $200 wall for Amazon (NASDAQ: AMZN) stock as AMZN shares struggled to trade higher than this mark, as recent insider sales are increasing the downward pressure on their price.
The most recent trading session brought gains of 0.03%, while pricing the stock at $199.34, which extend the winning streak from previous five sessions, during which AMZN shares added 1.22% to their value.
Founder of Amazon, Jeff Bezos, on July 8, filed with the Securities and Exchange Commission (SEC) for a sale of 4 million AMZN shares worth $863 million, at an average price of $200 per share, in what is now a series of insider sales in recent months.
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This sale takes the value of AMZN insider sales by Bezos near the $14 billion mark, which makes 2024 his most active selling year to date.
Other insiders are offloading AMZN stock as well
Although Bezos dominates the narrative when it comes to selling AMZN stock, he is not the only insider that chose to offload his Amazon stock holdings.
Following Jeff Bezos, Douglas Herrington, the CEO of Worldwide Amazon Stores, ranks second in profits from selling AMZN stock in 2024, earning $417 million.
He is closely followed by Amazon’s CEO, Andrew Jassy, who has made $307 million from selling his shares.
Record-breaking year for Jeff Bezos and his sales of AMZN stock
Jeff Bezos resumed selling Amazon stock in 2024 after nearly three years, unloading a record $14 billion worth of shares.
At the end of May, he sold around 1.1 million shares, with the proceeds intended to support his nonprofit preschools.
On May 29, he sold 431,426 shares, followed by another 667,260 shares on May 30, amounting to roughly $117 million.
Additionally, in February, Bezos sold about 50 million Amazon shares, valued at approximately $8.5 billion.
Bezos is seemingly enjoying his hard-earned profits after his resignation from the role of Amazon CEO, as he continues to offload billions worth of AMZN stock.
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