Amazon (NASDAQ: AMZN) recently reached a new 52-week high following its strong Q3 earnings report, contributing to a broader market rally.
On November 20, the stock hit over $146 per share, marking its highest point since April 2022.
Interestingly, during this upward surge, it was revealed that Amazon’s founder and CEO, Jeff Bezos, is considering selling up to 10 million AMZN shares. This potential move has caught the attention of investors in the dynamic stock market landscape.
According to CNBC journalist David Faber, Bezos’s plan to sell between 8 and 10 million shares could be worth over $1 billion. This aligns with Bezos’s “aggressive” stock-selling strategy, as shared by individuals familiar with the matter.
This potential sale comes just a week after Bezos filed to sell 1.67 million shares of Amazon. However, it seems that this transaction was not aimed at generating profits, as the filing was marked as “contributions to non-profit organizations.”
Currently, Bezos holds approximately 988.3 million AMZN shares, valued at around $142.34 billion based on the current market price. This represents a nearly 10% stake in the e-commerce giant.
As of writing, Amazon’s shares are priced at $143.90, experiencing a 1.53% decrease in the past 24 hours.
Although the stock has fallen about 2.2% in the past five sessions, its monthly performance shows a positive growth of 13.7%.
Year-to-date, AMZN has surged over 67%, outperforming the gains of the S&P 500, which stands at 18.7%.
In terms of technical analysis, the stock currently sits above two near-term support levels at $143.3 and $139.5. A major support line is located 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. Breaking through this barrier would enable the stock to reach a new 52-week high.
Please note that this article does not provide investment advice. Investing carries risks, and your capital is at risk.