Amazon CEO Jeff Bezos is causing speculation in the market after aggressively selling a large number of shares. With rumors swirling around why Bezos is offloading his Amazon stock, investors are advised to wait before making any decisions on purchasing shares. According to CNBC, Bezos is expected to sell around 8 million to 10 million Amazon shares worth over $1 billion, adding to last week’s sale of 1.67 million shares worth around $240 million. Despite the anticipated sales, Amazon has remained an active and absorbent stock in the market, even amid Bezos’ significant selling. As Bezos holds a net worth of over $170 billion and remains the third on the Bloomberg Billionaires list, his 10% stake in Amazon is not to be taken lightly. Amazon’s shares were initially down more than 3% but recovered nearly half of those losses as investors became skittish amidst speculations about Bezos’ transactions. However, with Amazon’s impressive rally of nearly 15% in the past month and a soaring stock of over 70% in 2023, Analysts from the Investing Club remain committed to Amazon in the long term. The tech mogul’s sale transaction has raised uncertainties, but Amazon still has strong growth prospects for its cloud business and stands to benefit from continued improvement in e-commerce profitability ahead of the holiday shopping season. Until more information regarding Bezos’ transactions is available, investors are advised to exercise caution in making decisions regarding Amazon’s stock. Jim Cramer, a proficient CNBC investor warns to be skittish about buying Amazon stock until there is more clarity on why Bezos is selling. With better-than-expected third-quarter results in late October, Amazon’s future remains optimistic but the investment club advises investors to wait for more information about Bezos’ decisions before making investment choices.
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