What's Going On With Amazon.Com Stock Wednesday?

Amazon.Com, Inc AMZN stock is trading higher Wednesday amid reports of founder Jeff Bezos' "aggressive" plans to sell up to 8 million - 10 million shares worth over $1 billion worth of stock.

Also Read: Amazon Steps Up AI Focus With Free Training Initiatives And Partnerships

Last week, Bezos unloaded about $240 million worth of Amazon shares with transactions marked as contributions to nonprofit organizations, CNBC reports.

With a net worth of around $170 billion, Bezos still owns about 988 million Amazon shares, which amounts to a nearly 10% stake in the company.

Jeff Bezos has increased philanthropic efforts since resigning as Amazon's CEO in 2021. 

Bezos sells at least $1 billion of Amazon stock annually to support his space venture, Blue Origin. 

Recently, Bezos, now Amazon's executive chairman, announced his plan to relocate from Seattle to Miami. This move will bring him closer to his parents, Sanchez, and the operations of Blue Origin.

Meanwhile, Amazon and the NFL are reportedly leveraging the combination of football and holiday shopping for a potential boost in ratings and retail sales. Amazon Prime Video will broadcast the first "Black Friday" football game, offering an alternative to traditional mall shopping by integrating sales promotions into the game's broadcast. This initiative aims to transform Black Friday into a significant digital shopping event, the Wall Street Journal reports.

Mike Hopkins, senior vice president of Prime Video, revealed that the broadcast will celebrate Black Friday with exclusive deals available only to viewers. Amazon plans to feature "shoppable ads" during the game, allowing viewers to make instant purchases via QR codes. 

Price Action: AMZN was up 2.21% to $147.09 at the last check Wednesday.

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