Jeff Bezos Sells More Than $3bn In Amazon Stock

Amazon founder and CEO Jeff Bezos has sold more than $3bn worth of Amazon (AMZN) stock, after the company’s share price surged 36% in the past three months and 73% in the year-to-date. That adds to the $4.1bn in stock he sold earlier this year, per CNBC, although his remaining $170bn stake still makes him the richest person in the world. The sales eclipse the amount of stock he unloaded last year, and the level is well beyond the $1bn worth he said he would be selling annually to fund space exploration company Blue Origin.

Tech giants dominated headlines on Wednesday, with Twitter (TWTR) and Facebook (FB) making a splash after taking down a video of President Trump falsely claiming that children are “almost immune” from COVID-19. Facebook also announced that it is launching a rival to TikTok under its Instagram brand, called Instagram Reels, as Microsoft continues to pursue an acquisition of TikTok’s US operations.

Elsewhere, gold continued to be in favour as it trades comfortably above the $2,000 mark, close to $2,050 at time of writing (GLD). US futures are fairly flat as investors wait on a further fiscal stimulus package from Congress. The UK’s FTSE is trailing today, down just under 1% after an early morning Bank of England meeting highlighted that the post pandemic recovery may be slower than expected and warned of the dangers of entering negative-rates territory. 

Dow Jones Industrial Average surges, led by Disney, Boeing

The Dow Jones Industrial Average soared on Wednesday, led by The Walt Disney Company (DIS) which closed 8.8% higher after its stellar streaming subscriber numbers outweighed fears of losses from its theme parks. Boeing (BA) also enjoyed a big day, finishing 5.6% higher and climbing further in after-hours trading, after Boeing CFO Greg Smith said at a conference that the company won’t need to raise more cash to weather the current storm it faces, and that as sales recover paying down debt will be a priority. In the S&P 500, American Airlines (AAL) helped take the index higher, climbing 9.5%, as airlines rallied across the board on news that additional support to help companies sustain payrolls during the pandemic, might be included in the next round of stimulus legislation. In earnings news, Regeneron Pharmaceuticals (REGN) stock sank 3.7% after initially opening higher following an expectation-beating earnings report. Investors took their chance to take profits, after the company’s 60% plus share price gain this year.

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