Amazon’s executive chair, Jeff Bezos has planned to sell $5 billion worth of shares in the e-commerce giant. This move comes as Amazon’s stock hit an all-time high of $200.43 during the session.
The notice revealed Bezos’s intention to sell 25 million shares. Amazon’s stock has surged over 30% this year, significantly outperforming the 4% gain in the Dow Jones Industrial Average index.
Following the sale, Bezos will retain ownership of approximately 912 million Amazon shares, representing 8.8% of the company’s outstanding stock. Earlier in February, Bezos sold shares valued at roughly $8.5 billion after the stock rallied 80% in 2023.
Currently ranked as the second-richest person globally by Forbes, Bezos boasts a net worth of $214.4 billion. Beyond Amazon, he is the founder of space company Blue Origin, which successfully launched a six-person crew to the edge of space in May.
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Amazon recently reported strong first-quarter results, benefiting from advancements in artificial intelligence. In a significant leadership change, the company replaced Adam Selipsky as head of its cloud computing unit with longtime insider Matt Garman.
