Amazon founder Bezos sells $2.4 billion worth of shares

Amazon founder Jeff Bezos has sold another 14 million shares in the company, worth around $2.4 billion.

The latest sale brings the total number of shares he has sold in the firm over the last nine trading days to about 50 million, with a value of around $8.5 billion.

Amazon stock has risen by more than 76% in the past year.

Meanwhile, Amazon is set to join the Dow Jones Industrial Average, replacing Walgreens Boots Alliance from next week, S&P Dow Jones Indices has said.

Adding Amazon will increase consumer retail exposure as well as other areas in the Dow, and the move was prompted by Walmart's decision to split its stock, S&P Dow Jones Indices said in a news release.

The Dow, which debuted in 1896, is widely followed by retail investors, making it an important reflection of the US stock market. Institutional investors more frequently benchmark their performance against the S&P 500.

As well as dominating online retail, the Seattle company is a major player in cloud computing, entertainment and other industries.

"Amazon is almost a hybrid name. It's one of the names that falls into different categories. It in many ways exemplifies what the Dow stands for in terms of representing commerce across the US," said Quincy Krosby, chief global strategist at LPL Financial in Charlotte, North Carolina.

The change takes effect at the open of trading on Monday.

Walmart will remain part of the Dow, although its upcoming three-for-one stock split, effective after market close on Friday, will reduce that retailer's weight in the index.

The Dow is weighted based on the share prices of its components, not on each company's overall market value.

Meanwhile, Uber Technologies will join the Dow Jones Transportation Average, replacing JetBlue Airways, giving that index exposure to the lift-hailing industry.

Amazon's addition to the Dow is the first since 2020, when Salesforce, Amgen and Honeywell International replaced Exxon Mobil, Pfizer and Raytheon Technologies.

Walgreens joined the Dow in 2018, replacing General Electric.