Why Amazon Stock Bounced Back This Morning
Shares of Amazon (NASDAQ: AMZN) gave up 1.5% of their value on Tuesday, but are getting all those losses back -- and more -- on Wednesday morning, rising 2.1% through 10:45 a.m. ET.
The e-commerce giant initially stumbled on reports that company founder Jeff Bezos had gifted some 1.6 million Amazon shares (worth nearly $240 million) to charity, and might be preparing to sell between 8 million and 10 million more shares in the near future -- more than $1 billion in stock sales.
And here's what you might not know: The rumors are probably true. Jeff Bezos probably is preparing (at least) to sell $1 billion worth of Amazon stock. In fact, he might be preparing to sell quite a bit more than that.
Source Fool.com
