Jeff Bezos to Sell $5 Billion of Amazon Stock; Saks Fifth Owner Buying Neiman Marcus | Business Matters Full Broadcast (July 4)

Don Ma
By Don Ma
July 4, 2024Business Matters
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Amazon founder Jeff Bezos is cashing in. He is selling $5 billion worth of Amazon stock as shares hit an all-time high. Amazon stock is up more than 30 percent so far this year.

Two of the most popular high-end department stores are joining forces. The parent company of luxury retailer Saks Fifth Avenue has agreed to buy Neiman Marcus. The deal is expected to be worth more than $2.5 billion. The merger is being made years after Neiman Marcus filed for bankruptcy during the pandemic.

Walmart is facing a class action lawsuit for alleged deceptive and unfair pricing. An Illinois resident says Walmart knowingly prices items on the shelf lower than what you end up paying at the register. He says that while the price differences are small, they add up to hundreds of millions of dollars of additional revenue for Walmart every year.