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Feb 21, 02:40 PM
$AMZN Joins DJIA, Replacing $WBA; Bezos Sells $8.4 Billion in Shares
Economics
Business

$AMZN Joins DJIA, Replacing $WBA; Bezos Sells $8.4 Billion in Shares

Authors
  • Reuters
  • Bloomberg
  • CNBC
19

Amazon ($AMZN) has been announced to join the Dow Jones Industrial Average (DJIA), replacing Walgreens ($WBA). This inclusion has caused Amazon's stock to rise by 1.5% in after-hours trading. The move reflects a significant change in the composition of the DJIA, adding Amazon alongside other tech giants such as Microsoft (MSFT) and Apple (AAPL). The announcement was made official through a press release, marking a shift towards more tech-oriented companies within the Dow. Concurrently, Jeff Bezos, Amazon's founder, has sold 50 million shares of Amazon, totaling approximately $8.4 billion, following his relocation to Miami from Seattle, a move speculated to be motivated by tax advantages. This massive sale coincides with Bezos and other tech leaders like Gates and Zuckerberg selling large amounts of stock in recent months, raising questions about their market predictions. Additionally, Uber has been announced to join the DJ Transportation index.

Written with ChatGPT (GPT-4).

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