Jeff Bezos may sell up to 10 million Amazon shares

Amazon (NASDAQ: AMZN) recently hit a new 52-week high amid a broader market rally, driven by the momentum gained after its robust Q3 earnings report. 

On November 20, the stock reached over $146 per share – the highest mark since April 2022. 

Notably, amidst this upward surge, it was revealed that Amazon’s founder and CEO, Jeff Bezos, is contemplating dumping up to 10 million AMZN shares, a potential move that will be closely watched by investors in the dynamic stock market landscape.

Bezos could dump over $1B of AMZN stock

Jeff Bezos is considering selling between 8 and 10 million shares of Amazon, a transaction that would be worth over $1 billion, according to CNBC journalist David Faber. 

The move represents part of Bezos’s “aggressive” stock-selling strategy, people with knowledge of the matter told Faber. 

The potential sale comes a week after Bezos filed to dump 1.67 million shares of Amazon. However, it appears that the transaction was not aimed at taking profits because the filing was marked as “contributions to non-profit organizations.”

At the moment, the billionaire holds around 988.3 million AMZN shares, which are worth approximately $142.34 billion at the current market price. In percentage terms, this amounts to a nearly 10% stake in the e-commerce giant. 

AMZN stock price analysis

Shares of Amazon were standing at $143.90 at the time of writing, down 1.53% in the past 24 hours.

The company’s stock fell about 2.2% in the past five sessions, although its monthly performance sits at +13.7%. 

Year-to-date, AMZN surged more than 67%, broadly outperforming the S&P 500’s gains of 18.7%. 

At its current price, the stock is located above two near-term support levels of $143.3 and $139.5, followed by a major support line at $133.96, where the 100-day moving average (MA) is situated. 

On the upside, Amazon’s shares face a resistance zone between $145.9 and $147.4. Clearing this barrier would allow the stock to print a new 52-week high. 

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